Trade SetupAsset: DOT/USDT
Trade Type: Long
Entry Price: $6.68 (current price near the breakout level)
Take-Profit: $7.00 (next significant resistance level)
Stop-Loss: $6.55 (below the recent support level to limit risk)
Risk-to-Reward Ratio: ~3:1
Reasoning: Falling wedge breakout with confirmation from Parabolic SAR and favorable risk-to-reward ratio. The breakout suggests a potential continuation of the uptrend towards the resistance at $7.00.
Technical Analysis (DOT/USDT - 15 Min Chart)
Chart Pattern:
The chart displays a falling wedge pattern, which is generally considered a bullish continuation pattern. The price is consolidating with lower highs and lower lows inside the wedge, but it is approaching a breakout point.
Breakout Confirmation:
The price has slightly broken above the resistance line of the falling wedge, signaling a potential upward move.
Parabolic SAR:
The Parabolic SAR dots have shifted below the price, which is a bullish signal indicating the possibility of a new uptrend.
Support and Resistance:
Support Level: $6.55 (recent low within the wedge)Resistance Level: $7.00 (next major resistance zone)
