SOLUSDT is presenting a potential trading opportunity based on recent price action, characterized by a bullish divergence on the 1-hour timeframe, indicating a possible reversal in favor of a bullish trend. Here's a concise analysis and trade plan:
Entry: Consider entering a long position at the current market price (CMP) of $70.
Stop Loss (SL): Set the stop loss at $63.50 to manage potential downside risk.
Take-Profit Levels:
TP 1 @ 1:1 = $76.50
TP 2 @ 1:2 = $83
TP 3 @ 1:3 = $89.50
After reaching the first take-profit level, consider adjusting the stop loss to the entry point (breakeven) to secure profits and minimize further risk.
This trade plan is designed to capitalize on the observed bullish divergence on the 1-hour timeframe and the RSI bullish divergence, signaling a potential reversal toward a bullish trend. Managing risk through a stop loss and implementing a breakeven strategy after the first take-profit level aligns with a prudent trading approach. As always, staying informed and adapting to market conditions is crucial for successful trading
Entry: Consider entering a long position at the current market price (CMP) of $70.
Stop Loss (SL): Set the stop loss at $63.50 to manage potential downside risk.
Take-Profit Levels:
TP 1 @ 1:1 = $76.50
TP 2 @ 1:2 = $83
TP 3 @ 1:3 = $89.50
After reaching the first take-profit level, consider adjusting the stop loss to the entry point (breakeven) to secure profits and minimize further risk.
This trade plan is designed to capitalize on the observed bullish divergence on the 1-hour timeframe and the RSI bullish divergence, signaling a potential reversal toward a bullish trend. Managing risk through a stop loss and implementing a breakeven strategy after the first take-profit level aligns with a prudent trading approach. As always, staying informed and adapting to market conditions is crucial for successful trading
Trade active
TP 1 HIT 🎯
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.