đ˘đ¨ Trading Signal: QTUM/USDT
Timeframe: 1D (Daily)
đ Trade Setup:
Entry Point (Buy Zone):
⢠Current Price: 2.563 USDT
⢠The chart has formed a Triple Bottom pattern, a strong bullish reversal signal, with price attempting to break above the resistance line. A breakout above this resistance could confirm a move higher.
Stop Loss (SL):
⢠Stop Loss: Set below the recent swing low to limit downside risk, around 2.200 USDT. This will protect from potential failures in breaking the resistance.
Take-Profit Targets (TP):
1. Target 1 (TP1): 3.000 USDT
⢠The first profit target aligns with a minor resistance level, offering a reasonable gain if the breakout is sustained.
2. Target 2 (TP2): 3.500 USDT
⢠Further upside potential exists, especially if the momentum continues. This level offers a more substantial gain for traders willing to hold longer.
3. Target 3 (TP3): 4.500 USDT
⢠A larger-term target based on prior highs. Reaching this point would signal a full recovery and strong bullish continuation.
đ Trend Analysis:
⢠Pattern Formation: The Triple Bottom pattern indicates the end of the downtrend, with three failed attempts to push lower.
⢠Resistance Break: Price is currently challenging the resistance line at 2.563 USDT. A successful close above this line could signal a strong bullish move upward.
⢠Momentum: Increasing momentum shown by consistent higher lows, with room for further upward movement upon the breakout.
â ď¸ Risk Management:
⢠Risk Level: Moderate
⢠The stop loss is set below 2.200 USDT to protect against false breakouts or retracements, while potential profit targets offer favorable risk-reward ratios.
đ Signal Summary:
⢠Buy at: 2.563 USDT (upon confirmed breakout)
⢠Stop Loss at: 2.200 USDT
⢠Take Profit Levels:
1. TP1: 3.000 USDT
2. TP2: 3.500 USDT
3. TP3: 4.500 USDT
Disclaimer: DYOR and NFA.
$QTUM
{spot}(QTUMUSDT)
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