$USELESS 📈 LONG Entry Analysis 🎯
I've just entered a LONG position on $USELESS with a 20x leverage, and I'm excited to share my analysis with you. Here's why I entered this trade at $0.0758:
I've been studying the USELESS price action, and I noticed a significant increase in momentum over the past 48 hours. The RSI has been oversold for weeks, and the Stochastic Oscillator is finally starting to show signs of bullish divergence. This tells me that the bears are losing control, and the bulls are ready to take over. Additionally, the MACD has just crossed above the signal line, indicating a potential buy signal.
In terms of structure, I've identified a strong support level at $0.0735, which has held the price up for the past week. This level is now being tested, and I believe it will provide a solid foundation for a bounce. I've also marked a resistance level at $0.0805, which has been the upper limit of the recent range. A break above this level could trigger a sharp move upwards.
My target zones are set at $0.0850 and $0.0900, which represent a potential 14% and 20% gain from the entry p
rice. I'm watching for a combination of bullish momentum, increasing volume, and a close above the resistance level to confirm these targets.
Risk management is crucial in this trade. I've set a stop-loss at $0.0700, which is below the support level. This will limit my potential losses to 7.4% if the trade doesn't go in my favor.
What would invalidate this trade is a close below the support level at $0.0735, followed by a failure to bounce. Additionally, if the RSI drops below 30 or the Stochastic Oscillator turns bearish, it could be a sign that the bulls are losing control.
What do you think about the USELESS price action? Do you have a similar trade in mind?
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