Entry Price: Around 0.003502 USDT, which is aligned with a previous support/resistance level (yellow line).
Stop-Loss (SL): Set at 0.003606 USDT, indicating a small risk buffer above the entry price.
Take-Profit (TP): Positioned at 0.003208 USDT, which provides a favorable risk-to-reward ratio.
Trade Rationale:
Retest of Resistance: Price appears to have broken below a key support level and is now retesting it as resistance before continuing downward.
Bearish Momentum: The recent sharp drop suggests increased selling pressure, and the rejection at resistance supports further downside potential.
Risk-to-Reward Ratio: The setup shows a well-calculated SL and TP, ensuring a good risk management strategy.
Potential Outcome:
If price rejects the resistance level, the trade could move towards the take-profit target.
If price breaks above the stop-loss level, it would invalidate the trade, suggesting bullish continuation instead.
Let me know if you need any refinements or further analysis! 🚀
Stop-Loss (SL): Set at 0.003606 USDT, indicating a small risk buffer above the entry price.
Take-Profit (TP): Positioned at 0.003208 USDT, which provides a favorable risk-to-reward ratio.
Trade Rationale:
Retest of Resistance: Price appears to have broken below a key support level and is now retesting it as resistance before continuing downward.
Bearish Momentum: The recent sharp drop suggests increased selling pressure, and the rejection at resistance supports further downside potential.
Risk-to-Reward Ratio: The setup shows a well-calculated SL and TP, ensuring a good risk management strategy.
Potential Outcome:
If price rejects the resistance level, the trade could move towards the take-profit target.
If price breaks above the stop-loss level, it would invalidate the trade, suggesting bullish continuation instead.
Let me know if you need any refinements or further analysis! 🚀
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.
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.