ETH Bottom is in. Long
2024-08-14
Category: None

Overview: 
This trade is based on a potential bullish reversal from a significant support level. The chart shows a strong rejection at the recent low around the 2,100 USDT level, which aligns with historical support, suggesting a possible reversal to the upside.

Entry:
Price: The entry for this trade is around 2,721.65 USDT, where the price is currently consolidating after testing support.

Target:
- Target Price: 4,091.91 USDT
- The target is set at a previous key resistance level, where price action has shown strong rejection in the past.

Stop Loss:
- Stop Loss: The stop loss is placed below the recent low at approximately 2,108.16 USDT, ensuring a risk-managed approach if the price breaks below the support level.

Trade Rationale:
- Bullish Bias: The highlighted zone shows a potential area of accumulation where buyers are stepping in, anticipating a move back toward the 4,000 USDT level.
- Risk-Reward: The trade offers a favorable risk-to-reward ratio, targeting a significant move up with a clearly defined stop loss.
