To analyze the chart for ORDI/USDT, let’s identify key entry and exit points as well as a stop-loss level:
1. Support Level: The green horizontal line around 30 USDT is a significant support level, indicating where buyers typically come in to prevent further decline.
2. Resistance Level: The descending trendline around 50-60 USDT is acting as resistance, where selling pressure could increase.
3. Entry Point:
• Conservative Entry: Near the support level around 30-35 USDT.
• Aggressive Entry: On a breakout above the resistance trendline, around 50-55 USDT.
4. Exit Point:
• First Target: Around 60 USDT, where the recent peak was formed.
• Second Target: Between 100-120 USDT if it breaks out strongly.
5. Stop-Loss Level: Below the support level at around 28 USDT to minimize potential losses if the price declines.
Here’s a step-by-step trading plan:
• Buy near the support level: Enter the trade if the price is around 30-35 USDT.
• Set a stop-loss: Place a stop-loss order just below the support level, around 28 USDT.
• Set profit targets:
• First target: 60 USDT.
• Second target: If the price breaks above the resistance, hold for a potential move to 100-120 USDT.
• Monitor the trendline: If the price breaks above the descending trendline, consider adding to the position or entering if not already in the trade.
Ensure to adjust the strategy based on market conditions and any new technical indicators.
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