Reversal Action on the way
The price movement suggests a potential double bottom or a rounded bottom pattern, indicating a reversal from a downtrend to an uptrend.
- Support Level: The price seems to be finding support around 0.40, which could act as a strong base for a bullish move.
- Resistance Level: The recent high around 0.80 could serve as a target for bullish trades.
- Entry Point: Consider entering a long position around the current price of 0.47.
- Stop-Loss: Set a stop-loss just below the recent support level at around 0.38 to manage risk.
- Target Price: A reasonable target could be around 0.80, providing a good risk-to-reward ratio.
Summary
- Buy: 0.47
- Stop-Loss: 0.38
- Target: 0.80
- Support Level: The price seems to be finding support around 0.40, which could act as a strong base for a bullish move.
- Resistance Level: The recent high around 0.80 could serve as a target for bullish trades.
- Entry Point: Consider entering a long position around the current price of 0.47.
- Stop-Loss: Set a stop-loss just below the recent support level at around 0.38 to manage risk.
- Target Price: A reasonable target could be around 0.80, providing a good risk-to-reward ratio.
Summary
- Buy: 0.47
- Stop-Loss: 0.38
- Target: 0.80
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