CFXUSDT has been trading within a descending channel pattern on the daily time frame. From June 10th to June 20th, the price underwent consolidation at the support level, indicating a period of indecision and potential accumulation. The subsequent range breakout suggests a shift in momentum and a potential bullish rally in the making. Currently, the price is approaching the resistance area, which will be a key level to watch for a breakout.
Trade Setup:
Entry: As per the Smart Money Concept, a fresh entry can be taken at $0.2080, preferably after the breakout above the resistance area. This entry point aligns with the expectation of a bullish rally following the breakout.
Target: Our target for this trade setup is set at $0.4490, representing a significant upside potential from the entry level. This target reflects the anticipated price movement once the breakout above the resistance area is confirmed.
Stop Loss: To manage risk effectively, it is recommended to set a stop loss at $0.1900. Placing the stop loss below the entry level can help protect against potential downside risks