🔹 * 🔹
### 📝 **Setup Breakdown**:
1. **📈 Key Support and Entry**:
- **Entry Price**: Around **$0.35647**, right after the breakout from the descending wedge pattern.
- **Support Level**: The key support level is at **$0.33097**, serving as a solid base for the bullish reversal.
2. **📊 Descending Wedge**:
- A clear **descending wedge pattern** was formed, indicating **price compression**.
- The breakout above the wedge signals **bullish momentum** and justifies the long trade. 🐂
3. **🛡️ Stop-Loss (SL)**:
- **SL Level**: Placed below the support level at **$0.33097**, to protect against invalidation.
- Recommended SL: Around **$0.329**. 🚨
4. **💰 Take-Profit (TP)**:
- **TP Level**: The next resistance zone at **$0.42358** is a strong target for taking profit, ensuring a favorable **risk-reward ratio**.
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### 🌟 **Trade Summary**:
- **Entry**: **$0.35647**
- **Stop-Loss (SL)**: **$0.329**
- **Take-Profit (TP)**: **$0.42358**
- **Risk-Reward Ratio**: Approximately **1:2.5** (depending on SL and TP placement).
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### ✨ **Pro Tips for this Trade**:
1. **🔍 Volume Confirmation**: Look for increasing buying volume to confirm bullish momentum.
2. **⚖️ Risk Management**: As price moves above **$0.385**, consider moving your **SL to breakeven** to reduce risk.
3. **🔄 Trailing Stop**: If momentum stays strong near **$0.400**, use a trailing stop to capture extended upside potential.
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🚀 This long trade setup is aligned with strong technical analysis principles. The breakout from the wedge and favorable risk-reward dynamics make it a **solid trade idea**. Keep monitoring the price action and momentum! 📈✨
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.