Long Position Strategy (Bullish Bias)
Entry Point:
Enter a long position on a breakout above $1.75 (the recent consolidation level and resistance area).
Alternatively, a more conservative entry would be above $2.0, to confirm strength above major resistance levels.
Take Profit Levels:
1. First Take Profit (TP1): Around $2.0 - $2.1, where the next resistance lies. This is the safe target after a breakout.
2. Second Take Profit (TP2): $2.3 â This is where the next major resistance appears, slightly above the MA200 and psychological level.
3. Third Take Profit (TP3): $2.89 â A potential final target if bullish momentum continues, as it corresponds to the previous high visible on the chart.
Stop Loss:
Place a stop loss below $1.50, just below the MA50 and recent support zone. If the price drops below this level, the bullish trend would likely be invalidated.