This technical analysis is based on the daily chart of GALAUSDT 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 0.04303 USDT.
Entry and Exit Points:
Entry: 0.04303 USDT
Take Profit: 0.06312 USDT (46.74%)
Stop Loss: 0.03710 USDT (13.79%)
R/R Ratio: 3.39
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 3.39, indicating a highly favorable risk-to-reward scenario. To manage risk effectively, it is recommended to strictly follow the stop loss level.