🟢🚨Trade signal for TAO/USDT 🚨
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➡️Trade Setup:
A Cup and Handle pattern has been identified, which typically signals a bullish continuation. The entry has been triggered upon breakout from the handle at $316.3.
➡️Entry:
🟢 Entry Price: $316.3-$330.5
➡️Take Profit:
Targets:
Immediate Target:
🎯 Target 1 (Immediate): $345.7
This target is based on a resistance level formed during the previous price consolidation. A breakout past this level will signal a continuation.
Midterm Target:
🎯 Target 2 (Midterm): $385.0
The midterm target is based on the extension from the pattern and a Fibonacci level, where a potential pullback may happen.
Long-term Target:
🎯 Target 3 (Long-term): $455.8
This target reflects the full depth of the cup pattern, aligning with a major resistance zone. Reaching this level would signal significant bullish momentum.
➡️Stop Loss:
🚨 Stop Loss:$275.1
Placed below the handle structure, giving room for potential fluctuations without invalidating the pattern.
Risk-Reward Ratio (RR):
🔄 RR Ratio:2.33
This represents a favorable risk-to-reward ratio, meaning the potential profit is over twice the risk.
Pattern Confirmation:
✅ This Cup and Handle pattern is confirmed by the recent breakout with increasing volume, reinforcing the bullish sentiment.
➡️Trading Strategy:
The Cup and Handle pattern is widely regarded as a reliable bullish signal. Entering at the breakout and targeting the resistance based on the pattern depth allows for a sound risk management strategy with favorable potential upside.
➡️Disclaimer: DYOR and NFA
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