Technical analysis by sunnytrader07 about Symbol VET: Buy recommendation (5/22/2024)

VETUSDT is exhibiting a bullish divergence on the 4-hour timeframe, suggesting a potential reversal in the prevailing downtrend. Furthermore, the price has successfully breakout of 4h Tf Falling Wedge also its breaked its lower high level and established a higher high, indicating a strengthening bullish momentum. Based on this analysis, a trading strategy can be outlined as follows: Entry: Consider entering a long position at the current market price of $0.03649 Stop Loss (SL): Place a stop loss order at $0.03260 to manage risk and mitigate potential losses Take Profit (TP): Set take-profit levels to achieve a 1:1, 1:2 risk-reward ratio: TP1: Set the first take-profit level at $0.04030 TP2: Aim for the second take-profit level at $0.04420 This trading strategy anticipates a bullish reversal based on the identified bullish divergence and the breakout above the lower high level.