TRXUSDT is currently indicating a bullish divergence on the 1-hour (1H) timeframe, suggesting a potential reversal in the downtrend. Additionally, the price has broken its lower high and formed a higher high, further supporting the bullish outlook.
Based on this analysis, a trading plan can be outlined as follows:
Entry: Consider entering a long position at the current market price of $0.13370 to benefit from the anticipated bullish reversal.
Stop Loss (SL): Place a stop loss order at $0.13189 to mitigate risk and limit potential losses in case of adverse price movements.
Take Profit (TP): Set take-profit levels to achieve a 1:1, 1:2, and 1:3 risk-reward ratio:
TP1: Set the first take-profit level at $0.13551 TP2: Aim for the second take-profit level at $0.13732 TP3: Target the third take-profit level at $0.13913
This trading strategy anticipates a bullish reversal based on the observed bullish divergence and the breakout above the lower high level. However, it's essential to closely monitor the market and adjust the plan according to evolving price action.