Technical analysis by sunnytrader07 about Symbol LINK: Buy recommendation (2/27/2024)

LINKUSDT is currently exhibiting a bullish divergence on the 4-hour (4H) timeframe, signaling a potential reversal in the prevailing downtrend. Additionally, the price has broken its lower high and formed a higher high, further supporting the bullish outlook.Based on this analysis, a trading plan can be formulated as follows:Entry: Consider entering a long position at the current market price of $19.03 to capitalize on the anticipated bullish reversal.Stop Loss (SL): Place a stop loss order at $17.49 to manage risk and limit potential losses in case of adverse price movements.Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:TP1: Set the first take-profit level at $20.57TP2: Aim for the second take-profit level at $22.11This trading strategy anticipates a bullish reversal based on the observed bullish divergence and the breakout above the lower high level. However, as with any trading strategy, it's essential to monitor the market closely and adjust the plan according to evolving price action.