I'm considering a long position in SKL Coin (SKL) at a price of $0.02060. My analysis points to a compelling Harmonic Bullish AB=CD Pattern, with a potential reversal already underway from the D point. This pattern, combined with the principles of Dow Theory and ongoing higher highs and higher lows in the price action, suggests a robust bullish trend in progress.
Furthermore, SKL displays a bullish divergence on the RSI indicator on both the 1-hour and 4-hour timeframes, signaling a potential trend reversal to the upside.
For risk management, I plan to set a stop loss at $0.01940, just below the last lower low. This strategy is designed to limit potential losses. In terms of the target, I'm aiming for a 1:2 risk-reward ratio, indicating that I'm looking to attain double the potential profit relative to the risk I'm taking on.
It's important to bear in mind that while this analysis supports a bullish scenario, the cryptocurrency market can be highly volatile. Therefore, conducting thorough research and staying updated on market developments remains crucial before making any investment decisions
Furthermore, SKL displays a bullish divergence on the RSI indicator on both the 1-hour and 4-hour timeframes, signaling a potential trend reversal to the upside.
For risk management, I plan to set a stop loss at $0.01940, just below the last lower low. This strategy is designed to limit potential losses. In terms of the target, I'm aiming for a 1:2 risk-reward ratio, indicating that I'm looking to attain double the potential profit relative to the risk I'm taking on.
It's important to bear in mind that while this analysis supports a bullish scenario, the cryptocurrency market can be highly volatile. Therefore, conducting thorough research and staying updated on market developments remains crucial before making any investment decisions
Trade closed: target reached