$VITE TRADE SETUP
VITE/USDT 1H Chart Analysis:
Overview:
The chart displays a potential recovery after a downtrend, with bullish divergence forming on the RSI indicator, indicating that momentum is shifting upwards.
Buy Signal:
- Entry Point:
Buy around 0.01988 - 0.02000 USDT as price attempts to break above the immediate resistance.
Take Profit Levels:
1. TP1: 0.02258 USDT (initial resistance)
2. TP2: 0.02574 USDT (upper resistance from previous highs)
Stop Loss:
- SL: 0.01886 USDT, just below the recent support to manage risk.
Leverage:
- Use 5x leverage for a balanced risk strategy. Given that this is a 1H timeframe, price movements could be quick, so moderate leverage is appropriate.
Risk Management:
- Risk-to-Reward Ratio: Target a 2:1 ratio for TP1 and a 3:1 ratio for TP2.
- Consider moving your stop loss to break even once price hits 0.02258 USDT to secure profits.
Strategy:
- Watch for volume confirmation on the breakout above 0.02000 USDT.
- RSI shows a bullish trend, and if the upward momentum continues, this could result in a profitable breakout.
This setup is suitable for short-term traders looking for quick entries and exits within a few hours to a day.
