The price is currently trading around 0.5748 USDT, showing a slight upward movement.
The price action suggests a series of higher lows and higher highs, indicative of a bullish trend.
The ChOCH is indicated around the 0.56 USDT level, suggesting a reversal from a bearish to a bullish trend.
There are red zones marked as supply zones at higher price levels around 0.85 to 0.95 USDT and around 0.75 to 0.80 USDT.
Long Position Opportunity Analysis:
Entry Points:
A potential entry point for a long position could be near the current price level around 0.5748 USDT, especially if the price continues to show bullish momentum and breaks above the ChOCH level decisively.
Stop Loss:
A logical stop loss could be set just below the gray demand zone, around the 0.52 to 0.54 USDT level, to limit potential losses if the price reverses.
Target Levels:
Initial target levels could be set near the first supply zone around 0.75 USDT, providing a favorable risk-reward ratio.
A secondary target could be around the higher supply zone near 0.85 to 0.95 USDT, if the bullish momentum continues.
Additional Considerations:
Volume and Momentum:
Monitor trading volume and momentum indicators to ensure that there is sufficient buying interest to support a long position.
Market Conditions:
Keep an eye on broader market conditions and any news that might impact the AEVO/USDT pair.