PERPUSDT is currently operating in a ranging market after a breakout in September. It appears poised for another potential upward movement. Before entering this trade, there are some technical factors to consider.
The analysis is primarily based on the 1-day timeframe (1D). A significant trendline support is visible on the 1D chart, and there are additional support and resistance levels marked on this timeframe. The key to this trade is when PERPUSDT breaks its bearish trendline resistance and subsequently uses it as support.
The ideal entry is when this resistance-turned-support results in a closing candle on a lower timeframe, such as the 1-hour (1H), 4-hour (4H), or 1-day (1D). This offers confirmation that the trend has shifted in favor of the bulls.
For risk management, a stop loss (SL) is set at the level of the higher low (HL). This approach is designed to protect against potential losses.
It's crucial to remain vigilant and adapt to changing market conditions. Conducting thorough research and staying informed is essential before making any trading decisions in the cryptocurrency market.
The analysis is primarily based on the 1-day timeframe (1D). A significant trendline support is visible on the 1D chart, and there are additional support and resistance levels marked on this timeframe. The key to this trade is when PERPUSDT breaks its bearish trendline resistance and subsequently uses it as support.
The ideal entry is when this resistance-turned-support results in a closing candle on a lower timeframe, such as the 1-hour (1H), 4-hour (4H), or 1-day (1D). This offers confirmation that the trend has shifted in favor of the bulls.
For risk management, a stop loss (SL) is set at the level of the higher low (HL). This approach is designed to protect against potential losses.
It's crucial to remain vigilant and adapt to changing market conditions. Conducting thorough research and staying informed is essential before making any trading decisions in the cryptocurrency market.
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