$TNSR Trade Idea Low TimeFrame đĄ|
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TNSR/USDT 30M Chart Analysis
Hereâs a trading strategy based on price action and indicators:
Price Action:
- Higher highs (HH) and higher lows (HL) suggest a bullish market structure.
- The price has broken out above the resistance level of 0.4097, indicating strong buying pressure.
Fibonacci Levels:
- The price respected the 0.382 (0.3866) retracement level during the recent correction, indicating a healthy pullback.
- The 0.4335 level represents a potential upper target.
RSI (Relative Strength Index):
- Bearish divergence is present on the RSI, meaning the price made higher highs while RSI made lower highs, hinting at a possible slowdown or retracement.
- Recent RSI bullish signals show continued buying pressure, aligning with the breakout.
Ascending Channel:
- There is an ascending channel pattern, with the price near the upper boundary. This could act as resistance, but if broken, it could lead to further bullish momentum.
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Trading Strategy:
Buy Strategy (Bullish Continuation):
- Entry: Consider buying around 0.4262 or on a retest of 0.4097.
- Stop Loss: Set below 0.4097, around 0.4050, to account for volatility.
- Take Profit:
- First target at 0.4335 (Fibonacci extension).
- Second target around 0.4500, a psychological level.
Sell Strategy (Potential Pullback):
- Entry: Look for a short position if the price falls below 0.4097, signaling a possible false breakout.
- Stop Loss: Set above 0.4335 to limit risk.
- Take Profit:
- First target around 0.3866 (Fibonacci retracement).
- Second target around 0.3640, a stronger support level.
Conclusion:
The overall bias remains bullish due to the breakout, but the bearish RSI divergence suggests caution. Itâs best to manage risk carefully with tight stop losses and confirm momentum before entering large positions.
