CTXCUSDT is currently exhibiting a bullish trend on both the daily and 4-hour time frames. Additionally, there is a bullish divergence observed on the 1-hour time frame, indicating a potential reversal in the ongoing downtrend. Moreover, the price is currently situated at a significant support zone on the 4-hour chart, further bolstering the bullish outlook.
Based on this analysis, a trading strategy can be outlined as follows:
Entry: Consider entering a long position via a buy stop order at the breakout of the lower high, with the entry price set at $0.5903.
Stop Loss (SL): Place a stop loss order at $0.4690 to mitigate risk and safeguard against adverse price movements.
Take Profit (TP): Set take-profit levels to achieve a 1:1, 1:2, and 1:3 risk-reward ratio:
TP1: Set the first take-profit level at $0.7116 TP2: Aim for the second take-profit level at $0.8329 TP3: Target the third take-profit level at $0.9542
This trading strategy anticipates a bullish reversal based on the observed bullish divergence and the potential breakout above the lower high level, supported by the current price action at a key support zone. However, it's crucial to monitor the market closely and adjust the strategy as necessary in response to changing conditions.