BULLISH$BULLA #ETHReclaims4700
BREAKOUT ANALYSIS FOR $MITO/TRY
This is a technical analysis of the $MITO/TRY trading pair, based on the provided chart.
KEY LEVELS
* Current Price: 12.556 TRY
* Support Level: The price has found strong support near the 8.933 TRY level, which served as the 24h low. This level has held, indicating buying pressure.
* Resistance Level: The immediate resistance is the 24h high at 18.430 TRY. A breakout above this level could signal a continuation of the uptrend.
TRADE SETUP
The chart shows a strong bullish candle, indicating a significant upward move with high volume. This suggests a potential continuation of the bullish momentum.
* Trade Type: Long (Buy) š¢
* Entry: A good entry would be a retest of the current support level or a clear breakout above the current price of 12.556. A conservative entry could be on a small pullback.
* TP1 (Target Profit 1): 18.430 TRY (24h high)
* TP2 (Target Profit 2): Based on the strong momentum, a move towards the previous highs or Fibonacci extension levels could be a potential target.
* SL (Stop Loss): A tight stop loss should be placed below the recent support level, for example at 12.200 TRY, to protect against a reversal.
RISK MANAGEMENT
* Never risk more than 1-2% of your total trading capital on a single trade.
* Use a stop-loss to limit potential losses.
* Do not "FOMO" (Fear of Missing Out) into a trade; wait for your predefined entry and confirmation.
* The crypto market is highly volatile, and prices can change rapidly. Always trade with caution.