$MKR
/USDT Technical Analysis and Trade Setup🚀🎯
Key Observations:
1. Trend: Bullish momentum evident from a 22.61% daily price increase and price above the upper Bollinger Band (2,144). SAR also supports the uptrend.
2. Volume: High 24h volume ($80.52M USDT), confirming strong interest.
3. Support Levels:
SAR: 1,846
Middle Bollinger Band (MB): 1,908
4. Resistance Levels:
Recent high: 2,265
Psychological resistance near 2,300.
Trade Setup:
Entry Points:
1. Aggressive Entry: Enter at current price ($2,207) for continuation of momentum.
2. Conservative Entry: Enter around $1,910-$1,950 (Middle Bollinger Band or support zone) in case of a pullback.
Stop-Loss:
Place a stop-loss below SAR at $1,840, as breaking this level signals a trend reversal.
Targets:
1. 🎯 Target 1: $2,265 (24h high). Partial profit-taking zone.
2. 🎯 Target 2: $2,300 (psychological resistance). Next milestone.
3. 🎯 Target 3: $2,375 (Fibonacci extension or breakout continuation level).
Trade Strategy:
Long Position Setup:
Entry: $2,207 or on a pullback to $1,910-$1,950.
Targets: $2,265, $2,300, $2,375.
Stop-Loss: $1,840 (SAR level).
Risk Management:
Risk 2-3% of your capital per trade.
Adjust position size based on distance between entry and stop-loss.
Key Signals to Monitor:
1. Breakout Confirmation: Sustained price action above $2,265 with increasing volume.
2. Pullback Strength: Watch if price holds above $1,900 during retracements.
3. MACD Divergence: Ensure momentum indicators align with bullish movement.