ADXUSDT is currently exhibiting a bullish divergence on the 1-hour (1H) time frame, signaling a potential reversal in the prevailing trend. The price has successfully broken above the last lower high and is now establishing higher highs and higher lows, indicative of a likely continuation of the bullish trend.
Here's a concise technical analysis with a suggested trading strategy:
Entry: Consider initiating a long position on a retracement at key Fibonacci levels, specifically targeting the 0.382 or 0.50 Fibonacci retracement levels, with an entry price of around 0.1770.
Stop Loss (SL): Place a stop loss order at 0.1680 to effectively manage risk.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 0.1860
TP2 = 0.1950
This trading strategy is designed to capitalize on the anticipated continuation of the bullish trend, utilizing Fibonacci retracement levels as potential entry points. It's essential to closely monitor the market for any shifts in price dynamics and be prepared to adjust the strategy accordingly
Here's a concise technical analysis with a suggested trading strategy:
Entry: Consider initiating a long position on a retracement at key Fibonacci levels, specifically targeting the 0.382 or 0.50 Fibonacci retracement levels, with an entry price of around 0.1770.
Stop Loss (SL): Place a stop loss order at 0.1680 to effectively manage risk.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 0.1860
TP2 = 0.1950
This trading strategy is designed to capitalize on the anticipated continuation of the bullish trend, utilizing Fibonacci retracement levels as potential entry points. It's essential to closely monitor the market for any shifts in price dynamics and be prepared to adjust the strategy accordingly
Trade closed: stop reached