Technical analysis by QuantCT about Symbol BEAM: Buy recommendation (6/5/2024)

This technical analysis is based on the daily chart of BEAM/USDT on the Bybit 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 0.027905 USDT. Entry and Exit Points: Entry: 0.027905 USDT Take Profit: 0.036855 USDT (32.08%) Stop Loss: 0.025362 USDT (9.10%) R/R Ratio: 3.53 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 3.53, indicating a highly favorable risk-to-reward scenario. To manage risk effectively, it is recommended to strictly follow the stop loss level.Trade closed: stop reached