Get started

Turboanalysis

TURBOUSDT: Ready for a Breakout After Healthy Retracement!!TURBOUSDT has retraced to a previous support level following a failed pennant pattern breakout. However, the recent price action shows a strong attempt to break out again, supported by increasing volume. If TURBO successfully breaks above the pennant, we can expect a significant upward movement. Keep an eye on key levels for entry and potential targets as momentum builds. This could be the opportunity traders have been waiting for! TURBOUSDT Currently trading at $0.0055 Buy level: Above $0.0055 Stop loss: Below $0.0044 TP1: $0.0071 TP2: $0.0085 TP3: $0.01 TP4: $0.015 TP5: $0.02 Max Leverage 3x Follow Our Tradingview Account for More Technical Analysis Updates, | Like, Share and Comment Your thoughts
Long
by GreenCryptoTrades
4
TURBO/USDT technical analysis and a trading plan by BFTechnical Analysis by Blaž Fabjan Chart Pattern (Falling Wedge): The chart shows a falling wedge pattern, which is typically a bullish reversal signal. This is evidenced by the downward sloping trendlines converging towards each other with decreasing price swings. Support and Resistance: Resistance Line (Upper Trendline): The price has tested this level multiple times but has failed to break through convincingly. A break above this resistance could signal a bullish move. Support Line (Lower Trendline): The price has respected the support line, and it appears to be nearing another test of this level. If the price bounces from this support, it could confirm the bullish trend continuation. RSI (Relative Strength Index): The RSI is currently around 62, indicating that the price is in the neutral-to-slightly-overbought territory. However, it is not yet in the overbought zone (>70), meaning there could still be room for an upward movement. Stochastic Oscillator: The stochastic is around 82, suggesting that the market may be overbought in the short term. There could be a minor pullback before a larger move upward. Volume: There is moderate volume, but there isn't a significant volume spike yet to confirm a breakout. A notable increase in volume would be a good confirmation signal for a breakout. MACD (VMC Cipher B): The MACD-like indicator shows a potential bullish divergence. The oscillator is showing signs of reversal upward, further supporting the idea of a potential upward move. Trading Plan: Entry Strategy: Aggressive Entry: Consider entering near the current price or slightly lower if the price bounces off the support trendline. This could offer an early position before the potential breakout. Conservative Entry: Wait for a confirmed breakout above the resistance line (above the wedge pattern), ideally accompanied by a volume increase. This reduces risk but could result in entering at a higher price. Take Profit (TP): First TP: Set your first target around $0.0075 to $0.0080, near previous local highs, where sellers might emerge. Second TP: If the breakout is strong and volume supports it, the next target can be around $0.0090, which is the level indicated by the large arrow on the chart, signaling the longer-term upward move. Stop Loss (SL): Place your stop loss slightly below the support line (around $0.0050) to limit downside risk in case of a bearish breakdown. Risk Management: Risk no more than 1-2% of your trading capital per trade. Adjust your position size based on your risk tolerance and the distance between your entry point and stop loss. Summary: The TURBO/USDT chart shows a bullish setup with the potential for a breakout from a falling wedge pattern. A conservative trader might wait for a confirmed breakout above resistance, while an aggressive trader could enter on a bounce from support. The primary risk is a breakdown below support, which would invalidate the bullish thesis. This strategy assumes that market conditions remain favorable, and the wedge pattern holds up. Keep an eye on the volume and other indicators to validate your decisions.
Long
by elfabiiani