OAXUSDT is currently displaying a bullish divergence on the 1-hour (1H) time frame, suggesting a potential reversal in the ongoing trend. Here's a brief technical analysis along with a suggested trading strategy:
Entry: Consider initiating a long position by placing a buy-stop order at 0.1515.
Stop Loss (SL): Implement a risk management stop loss at 0.1430 to safeguard against potential losses.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 0.1600 TP2 = 0.1685
This trading strategy aims to capitalize on the anticipated bullish reversal indicated by the observed divergence. Traders should remain vigilant for any shifts in market conditions and be prepared to adjust their approach accordingly.