$STRK 📈 LONG Entry Analysis 🎯
I've just entered a LONG position on $STRK at $0.0938, utilizing 20x leverage. The catalyst for this trade was a clear break above the descending 50-period moving average, which has been a key level of support since the recent pullback. This move not only indicates a reversal of the downtrend but also signifies a renewed interest in the coin among institutional players.
Upon closer inspection, the 4-hour chart reveals a series of higher highs and higher lows, which suggests a bullish momentum is building up. The recent Doji candlestick formation, in particular, is a bullish reversal sign, indicating that buyers are gaining the upper hand. Additionally, the RSI has been in oversold territory for the past few days, setting it up for a potential bounce.
The next key structure observation is the presence of a round number at $0.10, which has historically acted as a magnet for buyers. A successful breakout above this level would further validate the bullish thesis and provide a clear path to the first target zone.
Speaking of targets, I'm currently watching for a push towards $0.12, which represents a 28% increase from the entry point. A successful reach of this zone would indicate a strong uptrend and justify a further increase in leverage.
In terms of risk management, I've set a stop-loss at $0.085, which is approximately 9% below the entry point. This will limit potential losses to less than 10% and provide a clear exit strategy if the trade doesn't pan out.
Now, what would invalidate this trade? A clear rejection of the $0.10 level, followed by a subsequent break below the 50-period moving average, would raise significant concerns about the coin's short-term prospects.
What are your thoughts on the current STRK landscape? Do you agree that the recent move above the 50-period moving average is a bullish sign? 📈
#STRK #STRKUSDT #FuturesTrading #CryptoTrading #TechnicalAnalysis
