🟢🚨Trading Signal for TAO/USDT 🚨
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USDT➡️Trade Setup:
A cup and handle pattern has been identified, which typically signals a bullish continuation. The entry has been triggered after the breakout of the $316.3 level.
➡️Entry:
🟢 Entry Price: $316.3-$330.5
➡️Take Profit:
Targets:
Immediate Target:
🎯 Target 1 (Immediate): $345.7This target is based on a resistance level formed during the previous price consolidation. A break above this level will signal a continuation. Medium-term target:
🎯 Target 2 (medium-term): $385.0The medium-term target is based on the extension of the pattern and a Fibonacci level, where a potential retracement may occur. Long-term target:
🎯 Target 3 (long-term): $455.8This 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: $275.1Located below the handle structure, giving room for potential fluctuations without invalidating the pattern.Risk-Reward Ratio (RR):
🔄 RR Ratio:
2.33This represents a favorable risk-reward ratio, meaning the potential gain is more than double the risk.Pattern Confirmation:
✅This cup and handle pattern is confirmed by the recent breakout on increasing volume, reinforcing the bullish sentiment.
➡️Trading Strategy:
The cup and handle pattern is widely considered a reliable bullish signal. Entering at the moment of the breakout and targeting resistance based on the depth of the pattern allows for a sound risk management strategy with favorable upside potential.
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