IRISUSDT is currently displaying a bullish divergence on the 1-hour (1H) time frame, signaling a potential shift in the prevailing trend. The price has successfully broken above the last lower high and is now forming higher highs and higher lows, indicating a potential continuation of the bullish trend.
Here's a concise technical analysis with a suggested trading strategy:
Entry: Consider entering a long position at the current market price (CMP) of approximately 0.028.
Stop Loss (SL): Place a stop loss order at 0.02575 to effectively manage risk.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 0.03025 TP2 = 0.0325 This trading strategy aims to capitalize on the anticipated continuation of the bullish trend. It's important to stay vigilant, closely monitor the price action, and be prepared to adapt the strategy based on any shifts in market dynamics.