CRVUSDT - BULLISH OUTLOOKCRVUSDT has been forming lower lows and lower highs, indicative of a downtrend. However, a recent development on the 1-hour (1H) time frame shows a bullish divergence and a break above the previous lower high. This suggests a potential shift in momentum and the beginning of a bullish reversal.
For traders looking to capitalize on this pattern, a suggested trading strategy is as follows:
Entry: Consider entering a long position at the current market price (CMP) of 0.52.
Stop Loss (SL): Implement a risk management Stop Loss order at 0.49 to mitigate potential losses.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 0.55
TP2 = 0.58
This trading strategy aims to capitalize on the potential bullish continuation following the observed divergence and breakout. Traders should monitor the market for any changes in price action and be prepared to adjust the strategy accordingly.