1. Current Trend Analysis
Price Position: The current price is fluctuating around 1.69, between the recent low of 1.6 and the previous high of 2.0, indicating that the market is in a consolidation phase.
Moving Average (MA): MA(7) and MA(30) are both in a downward trend, with MA(7) below MA(30), indicating strong short-term downward momentum.
Trading Volume: The volume histogram shows active trading but no significant breakout in volume, indicating cautious market sentiment.
Target Price Forecast
First Take Profit Level: Based on the current price close to 1.69, the first take profit level can be set at 1.80, which is a psychological level that may attract some profit-taking.
Second Take Profit Level: If the price breaks through 1.80, the second take profit level can be set at 1.90, which is a higher round number.
Stop Loss Level: The stop loss level can be set at 1.60 to prevent price retracement.
Opening Position: A reasonable opening point is near the current price of 1.69.
Bullish Strategy: Consider opening a long position, with target take profit levels at 1.80 and 1.90, and a stop loss level at 1.60.
It is recommended to control the position, avoid excessive leverage, and closely monitor market sentiment and changes in trading volume.
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