SAND/USDT Key Support Reclaimed & Potential for Upside Movement
Hello Traders,
Introduction:
The crypto market is a fertile ground for traders who know where to look. Today, our focus is on the SAND/USDT Perpetual pair on Bybit, specifically on its 1d chart. An interesting long setup seems to be developing.
Body:
Key Support Reclaimed: The price recently reclaimed a significant support level at $0.3805. This development often suggests a potentially bullish price action in the making.
POC Level: The Point of Control (POC) from January 1, 2023, to today stands at $0.52. This key level can act as a magnet for price action, possibly pulling the price towards it.
Liquidity at $0.48: There's considerable liquidity in the $0.48 area, where a previous support breakdown led to a substantial drop. The price might rally to this level to fill this inefficiency.
Bullish Stoch RSI: The Stoch RSI has crossed upwards and is above the 20 level, indicating rising bullish momentum.
Stable RSI: The RSI currently stands at 40, with no noticeable divergences. This stability suggests that, for now, the current price level is holding.
Trade Setup:
With these factors in mind, I've decided to take a long position on SAND/USDT. My invalidation point for this trade is a close of a 1d candle below $0.3805, which would suggest a breakdown below our reclaimed support.
Take Profit Targets:
TP1: The first take profit target is set at $0.48. This level represents the area of high liquidity, which can act as a resistance level.
TP2: The second take profit target is the POC level of $0.52. This level has historically attracted price action and could potentially do so again.
Conclusion:
While this setup seems promising, remember that trading carries inherent risks, and it's crucial to have proper risk management in place. Always be prepared for any scenario, and never invest more than what you can afford to lose.
Introduction:
The crypto market is a fertile ground for traders who know where to look. Today, our focus is on the SAND/USDT Perpetual pair on Bybit, specifically on its 1d chart. An interesting long setup seems to be developing.
Body:
Key Support Reclaimed: The price recently reclaimed a significant support level at $0.3805. This development often suggests a potentially bullish price action in the making.
POC Level: The Point of Control (POC) from January 1, 2023, to today stands at $0.52. This key level can act as a magnet for price action, possibly pulling the price towards it.
Liquidity at $0.48: There's considerable liquidity in the $0.48 area, where a previous support breakdown led to a substantial drop. The price might rally to this level to fill this inefficiency.
Bullish Stoch RSI: The Stoch RSI has crossed upwards and is above the 20 level, indicating rising bullish momentum.
Stable RSI: The RSI currently stands at 40, with no noticeable divergences. This stability suggests that, for now, the current price level is holding.
Trade Setup:
With these factors in mind, I've decided to take a long position on SAND/USDT. My invalidation point for this trade is a close of a 1d candle below $0.3805, which would suggest a breakdown below our reclaimed support.
Take Profit Targets:
TP1: The first take profit target is set at $0.48. This level represents the area of high liquidity, which can act as a resistance level.
TP2: The second take profit target is the POC level of $0.52. This level has historically attracted price action and could potentially do so again.
Conclusion:
While this setup seems promising, remember that trading carries inherent risks, and it's crucial to have proper risk management in place. Always be prepared for any scenario, and never invest more than what you can afford to lose.
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