I'm considering a long position in ALGOUSDT at a price of $0.0970. My analysis suggests that ALGO is currently following a bullish trend, in alignment with the principles of Dow Theory, and consistently forming higher highs and higher lows, which are indicative of a robust bullish pattern.
In addition, I've identified a bullish divergence on the 1-hour timeframe, further supporting the case for a potential bullish move.
For risk management, I plan to place a stop loss at $0.0915, just below the last lower low. This approach is designed to mitigate potential losses. As for my target, I'm aiming for a 1:1 risk-reward ratio, with the initial target set at $0.1025.
It's important to keep in mind that while this analysis suggests a favorable setup, the cryptocurrency market can be highly volatile. Therefore, conducting thorough research and staying updated on market developments is essential before making any investment decisions
In addition, I've identified a bullish divergence on the 1-hour timeframe, further supporting the case for a potential bullish move.
For risk management, I plan to place a stop loss at $0.0915, just below the last lower low. This approach is designed to mitigate potential losses. As for my target, I'm aiming for a 1:1 risk-reward ratio, with the initial target set at $0.1025.
It's important to keep in mind that while this analysis suggests a favorable setup, the cryptocurrency market can be highly volatile. Therefore, conducting thorough research and staying updated on market developments is essential before making any investment decisions
Trade closed: target reached
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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.