DEXEUSDT is exhibiting a bullish divergence on the 2-hour (2H) timeframe, indicating potential upward momentum. Additionally, it is approaching the critical point of breaking its lower high level, which could signal a shift in trend direction.
Here's a simplified trading plan based on this analysis:
Entry: Consider initiating a long position on a break of the lower high level at $2.97 using a buy stop order.
Stop Loss (SL): Place a stop loss order at $2.77 to manage risk and protect against potential losses.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1: Set the first take-profit level at $3.17 TP2: Aim for the second take-profit level at $3.37
This trading strategy capitalizes on the anticipated bullish divergence and the potential breakout above the lower high level. However, it's essential to monitor the price action closely and adjust the strategy as needed to adapt to market movements.