IRISUSDT is displaying a bullish divergence on the 4-hour (4H) timeframe, indicating a potential reversal in the current downtrend. Additionally, it has broken its lower high level, suggesting a shift in momentum toward bullish sentiment.
Here's a concise technical analysis with a suggested trading strategy:
Entry: Consider entering a long position at the current market price of $0.027.
Stop Loss (SL): Place a stop loss order below the entry point at approximately $0.02580 to manage risk and limit potential losses.
Take Profit (TP): Set multiple take-profit levels to capture potential gains:
TP1: Set the first take-profit level at a target price ($0.0282) to achieve a 1:1 risk-reward ratio.
TP2: Aim for the second take-profit level at a target price ($0.0294) to achieve a 1:2 risk-reward ratio.
This trading strategy anticipates a bullish reversal based on the observed bullish divergence and the breakout above the lower high level. However, it's important to monitor the price action closely and adjust the strategy as needed to adapt to changing market conditions."
Here's a concise technical analysis with a suggested trading strategy:
Entry: Consider entering a long position at the current market price of $0.027.
Stop Loss (SL): Place a stop loss order below the entry point at approximately $0.02580 to manage risk and limit potential losses.
Take Profit (TP): Set multiple take-profit levels to capture potential gains:
TP1: Set the first take-profit level at a target price ($0.0282) to achieve a 1:1 risk-reward ratio.
TP2: Aim for the second take-profit level at a target price ($0.0294) to achieve a 1:2 risk-reward ratio.
This trading strategy anticipates a bullish reversal based on the observed bullish divergence and the breakout above the lower high level. However, it's important to monitor the price action closely and adjust the strategy as needed to adapt to changing market conditions."