ELFUSDT is currently displaying a bullish trend on the 4-hour timeframe, characterized by a consistent pattern of higher highs and higher lows. This price action suggests a sustained upward momentum in the market. Additionally, the absence of any bearish divergence adds to the positive outlook, indicating that the bullish trend may persist.
Based on this analysis, a potential trading opportunity is identified:
Entry: Consider entering a long position at $0.46. Stop Loss (SL): Set the stop loss at $0.43 to manage potential downside risk. For take-profit (TP) levels, three options are available based on different risk-reward ratios:
TP 1:1: = $0.49. TP 1:2: = $0.52. TP 1:3: = $0.55. This trade plan is designed to capitalize on the ongoing bullish trend while prudently managing risk through the placement of a stop loss. It's important to stay informed, monitor the trade closely, and be prepared to adjust your approach based on evolving market conditions