This technical analysis is based on the daily chart of CELOUSDT on the Binance exchange. This analysis draws two price channels and evaluates support and resistance levels.
Price Channel Analysis:
The previous bearish channel is broken out, and a bullish channel is formed.
The suggested entry point is around 0.7400 USDT.
Entry and Exit Points:
Entry: 0.7400 USDT
Take Profit: 1.0620 USDT (43.51%)
Stop Loss: 0.6932 USDT (6.33%)
R/R Ratio: 6.87
Conclusion: This analysis suggests that by adhering to the specified take profit and stop loss levels, a successful trade can be achieved. The Reward/Risk Ratio for this trade is approximately 6.87, indicating a highly favorable risk-to-reward scenario. To manage risk effectively, it is recommended to strictly follow the stop loss level.