Trading Idea: Potential 100% Profit Opportunity in ORDI/USDTOverview: ORDI/USDT appears to be in a potential accumulation phase with a recent upward momentum confirmed by several "BUY" signals on the chart. If the price continues this positive trend and breaks above nearby resistance levels, there could be an opportunity to reach approximately 100% profit from the current level.
1. Entry Strategy:
Entry Price: Consider entering around the current price level of $35.27. This level is supported by recent "BUY" signals, suggesting positive momentum and accumulation.
Confirmation: Wait for a sustained close above the recent resistance level around $38-$40 to confirm the breakout.
2. Profit Target:
Target Price: Set a target around $70. This level represents an approximate 100% increase from the entry price and aligns with historical resistance zones visible in early 2024.
Rationale: This target takes advantage of potential upside momentum while keeping an eye on key resistance levels. Breaking this level would likely attract additional buyers, accelerating the upward trend.
3. Stop Loss:
Stop Loss Level: Place a stop loss at $30, just below recent support and the lower edge of the Bollinger Band. This will help to minimize downside risk if the price fails to maintain its upward momentum.
Risk Management: With a stop loss about 15% below the entry, the trade has a favorable risk/reward ratio for the target profit.
4. Supporting Indicators:
Parabolic SAR (Purple Dots): The dots below the price indicate an uptrend. Maintaining these dots below price levels can confirm the upward momentum.
Bollinger Bands: The price is moving along the upper Bollinger Band, indicating bullish momentum and an increase in buying pressure. A sustained movement along the upper band could support the trend toward the target.
NATR (Normalized Average True Range): The NATR shows moderate volatility. An increase in NATR alongside positive price movement could strengthen the bullish case.
5. Additional Notes:
Trend Confirmation: This setup is highly dependent on a confirmed breakout above $40. If the price struggles at this level, it may be wise to wait for a clear breakout before committing further.
Favorable Risk/Reward: This trade is designed with a high reward potential relative to the risk, taking advantage of trend indicators and recent "BUY" signals as confirmation.
Conclusion
By entering around $35.27 and aiming for $70, this setup provides an opportunity for a substantial upside. The trade relies on momentum indicators and recent buy signals, but entry should be confirmed with a breakout. As always, implement sound risk management and monitor price developments closely.
