Based on the 15-minute TRX/USDT chart and the Bollinger Bands and RSI indicators, here is the analysis and suggested entry, take profit (TP), and stop loss (SL) points for the scalping strategy:
1. Bollinger Bands Analysis:
• The price is currently hovering near the lower band of the Bollinger Bands, indicating that the market is likely to be oversold and a short-term recovery may occur.
• If the price breaks out of the lower band and continues to decline, it could be a signal that the downtrend is strong.
2. RSI Analysis:
• The RSI is at around 24, indicating a strong oversold condition. When the RSI drops below 30, there will usually be a recovery to bring the RSI back to neutral.
• This could support a short-term buy order if there is a sign of price bouncing from the lower band of the Bollinger Bands.
3. Trading strategy:
• Entry: Enter a buy (long) order if a green candle appears confirming the bounce from the lower border of Bollinger Bands, accompanied by signs of RSI moving up.
• Take Profit (TP - Take Profit): Set the take profit level at around 0.1676 (the middle border of Bollinger Bands) or at 0.1680 if the bullish force is stronger.
• Stop Loss (SL - Cut Loss): Set the stop loss level below the nearest bottom of 0.1660 to protect capital, avoiding risks when the price breaks down more strongly.
Note: This is a suggestion based on current technical indicators, you need to consider additional risks and market conditions before deciding to trade.$TRX