Technical Analysis for Grok/USDT Long-Term Trend: Bullish

2 дек. 2023 г.

Analysis Overview:

Strong bullish trend observed on higher time frames.
A correction on the 1-hour chart has formed a descending channel.
Short-term correction seen on the 15-Min chart, presenting a symmetrical triangle.
Confirmation:

Symmetrical triangle confirmed with a breakout above its resistance.
Trade Setup:

Entry Price: Market price or breakout confirmation.
Target Price: 0.193 USDT.
Stop Loss: Positioned to mitigate risk, with consideration of H15 candle closure under the triangle's former resistance, now acting as support.
Rationale:

The grand time frames show a prevailing upward trend.
A correction in the form of a descending channel on the 4-hour chart.
Short-term consolidation within a symmetrical triangle on the 1-hour chart.
Execution:

Consider entering the trade upon a confirmed breakout of the symmetrical triangle.
Set a profit target at 0.193 USDT.
Implement a stop loss to manage risk, triggered by a 15-Min candle closing below the previous triangle resistance, now acting as support.