Technical analysis by sunnytrader07 about Symbol PYTH: Buy recommendation (5/21/2024)

PYTHUSDT is exhibiting a bullish divergenceon the 4-hour timeframe, suggesting apotential reversal in the prevailing downtrend.Furthermore, the price has successfullybreached its lower high level and established ahigher high, indicating a strengthening bullishmomentum.Based on this analysis, a trading strategy canbe outlined as follows:Entry: Consider entering a long position at thecurrent market price of $0.4700Stop Loss (SL): Place a stop loss order at$0.3540 to manage risk and mitigate potentiallossesTake Profit (TP): Set take-profit levels toachieve a 1:1, 1:2 risk-reward ratio:TP1: Set the first take-profit level at $0.5860TP2: Aim for the second take-profit level at$0.7090This trading strategy anticipates a bullishreversal based on the identified bullishdivergence and the breakout above the lowerhigh level.