Looking at the current chart for $CYS /USDT, we can observe some interesting price action and trends.
Current Price: 0.2957, currently in a consolidation phase after a rise from 0.1901.
Trend: The price is above the 7-period (yellow) and 25-period (red) moving averages, indicating an upward trend. There's a slight flattening of the moving averages, suggesting potential indecision but still leaning towards a bullish trend.
Support/Resistance Levels:
Support: 0.2471 (24h low), 0.2563 (recent low).
Resistance: 0.3114 (24h high), 0.3599 (recent high).
Entry Point:
Long entry: A good entry point could be when the price breaks above 0.2975 (recent resistance). If the price moves past 0.30, you might also look for confirmation of a continuation to the next resistance level at 0.3114.
Stop Loss:
Set a stop loss at 0.2563, just below the support level, to minimize potential downside risk.
Take-Profit Levels:
First take-profit level: 0.3114 (near 24h high).
Second take-profit level: 0.3310 (next resistance level).
Third take-profit level: 0.3599 (previous high, longer-term target).
With this strategy, monitor the price closely as it approaches key levels and adjust accordingly.
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