SCRTUSDT is currently demonstrating a bullish divergence on the 1-hour (1H) time frame, signaling a potential reversal in the existing downtrend. The price has successfully broken above the last lower high and is forming higher highs and higher lows, indicating a possible continuation of the bullish trend.
Here's a succinct technical analysis along with a suggested trading strategy:
Entry: Consider entering a long position at the current market price (CMP) of approximately 0.40.
Stop Loss (SL): Place a stop loss order at 0.3770 to effectively manage risk.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 0.4230
TP2 = 0.4460
This trading strategy aims to capitalize on the anticipated continuation of the bullish trend. It's crucial to stay vigilant, closely monitor price action, and be prepared to adapt the strategy based on any shifts in market dynamics.
Here's a succinct technical analysis along with a suggested trading strategy:
Entry: Consider entering a long position at the current market price (CMP) of approximately 0.40.
Stop Loss (SL): Place a stop loss order at 0.3770 to effectively manage risk.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 0.4230
TP2 = 0.4460
This trading strategy aims to capitalize on the anticipated continuation of the bullish trend. It's crucial to stay vigilant, closely monitor price action, and be prepared to adapt the strategy based on any shifts in market dynamics.
Trade closed: stop reached