Technical analysis by minno91 about Symbol IDEX: Buy recommendation (6/4/2024)

🚀 Time for another breakout trade with IDEXUSDT! 8-Hour Timeframe We’ve seen a fantastic breakout of the previous high with significant volume on the 8-hour chart. Staying above the 50 EMA adds to the bullish sentiment. Daily Timeframe The daily chart isn't as strong, but we're still holding on to resistance from the previous day, showing potential for an upward move. Weekly Timeframe On the weekly chart, we closed above our S/R level and are trading above the 50 EMA—both bullish indicators. Monthly and 3-Month Timeframes The monthly candle closed with a top wick, but the 3-month candle looks much more promising, adding to the optimistic outlook. Market Sentiment and Entry The market sentiment is quite bullish right now. We’ve got an 8-hour engulfing candle as our entry signal, setting up a promising trade. I'm bullish on this setup with a decent 1.5:1 risk-reward ratio. Let's see how this plays out!