$DOGE Let's create an entry for DOGE/USDC based on the 5-minute chart you shared. The current price is 0.23819, and it seems to be in a support zone (0.23748) with nearby resistance at 0.23960. The RSI (38.24) indicates that it is neither overbought nor oversold, but it is close to a level where there could be a bounce.
Entry Strategy:
Entry (Buy): 🟢
We enter a long position (buy) if the price breaks and confirms above the resistance of 0.23960. To confirm, we wait for a 5-minute candle close above this level.
Suggested entry point: 0.23970 (right after the breakout).
📈Take Profit (TP):
The next significant resistance level is around 0.24292 (recent visible high on the chart).
Take Profit: 0.24280 (slightly below to ensure execution).
This gives a potential profit of 0.24280 - 0.23970 = 0.00310, or 1.29%.
📉Stop Loss (SL):
We place the stop loss below the recent support at 0.23748 to protect against a drop.
Stop Loss: 0.23700 (giving a small margin for volatility).
This implies a potential loss of 0.23970 - 0.23700 = 0.00270, or 1.13%.
Risk/Reward Ratio:
Risk: 0.00270
Reward: 0.00310
Risk/Reward Ratio: 0.00310 / 0.00270 ≈ 1.15:1 (acceptable, but adjust according to your risk tolerance).
🔍Summary:
Entry: 0.23970 (buy when confirming breakout of 0.23960).
📊Take Profit: 0.24280.
📍Stop Loss: 0.23700.
〽️Risk/Reward Ratio: 1.15:1.
Note: This is a basic technical analysis. The cryptocurrency market is very volatile, so adjust according to your strategy and risk management. 📚
