$FARM /USDT – Bullish Breakout Setup After Sideways Consolidation

Current Market Overview:

Harvest Finance (FARM) has recently experienced a sharp bullish breakout on the 1-hour chart, pushing straight to $30.99 before a slight pullback to $29.53. This move comes after a period of sideways consolidation between $28.00 and $29.50, signaling a strong release of buying momentum.

The Relative Strength Index (RSI) is trending above 50, indicating bullish momentum. The price is also above the 50-period moving average, confirming the upward trend.

Trade Plan – Long Setup:

Ideal Entry: Enter a long position between $29.50 and $30.00 on a minor dip after the breakout.

Stop Loss: Place the stop loss just below the recent breakout zone, around $28.50, to protect against a deeper correction.

Target 1: Set the first target at the recent high retest near $32.00.

Target 2: Aim for the extended breakout target around $35.00.

Risk-Reward:

Target 1: Approximately 2.5x reward compared to the risk.

Target 2: Approximately 4x reward if the breakout continues.

Logic Behind the Trade:

This is a textbook breakout from consolidation with strong volume. The sudden upward surge shows bulls overpowering sellers, with no significant resistance until above $35.00. A clean retest of the breakout zone around $29.50 can offer a safer entry for continuation.

Profit Probability:

Moderate-High (~70%), as long as the price holds above $29.50 and overall market sentiment remains supportive. A failure to hold above $29.50 could turn the breakout into a bull trap.