This technical analysis is based on the daily chart of
EGLDUSDT
on the Binance exchange. In this analysis, a price channel is drawn, and support and resistance levels are evaluated.
Price Channel Analysis:
Entry and Exit Points:
Conclusion:
This analysis suggests that by adhering to the specified take profit and stop loss levels, a successful trade can be achieved. The Reward/Risk Ratio for this trade is approximately 3.72, indicating a highly favorable risk-to-reward scenario. To manage risk effectively, it is recommended to strictly follow the stop loss level.
EGLDUSDT
on the Binance exchange. In this analysis, a price channel is drawn, and support and resistance levels are evaluated. Price Channel Analysis:
- The price is currently within a price channel ranging from 35.08 to 51.38 USDT.
- The suggested entry point is around 38.38 USDT.
Entry and Exit Points:
- Entry: 38.38 USDT
- Take Profit: 51.38 USDT
- Stop Loss: 35.08 USDT
Conclusion:
This analysis suggests that by adhering to the specified take profit and stop loss levels, a successful trade can be achieved. The Reward/Risk Ratio for this trade is approximately 3.72, indicating a highly favorable risk-to-reward scenario. To manage risk effectively, it is recommended to strictly follow the stop loss level.
Trade closed: stop reached