Technical analysis by sunnytrader07 about Symbol FLUX: Buy recommendation (2/7/2024)

FLUXUSDT is displaying a bullish divergence on the 1-hour (1H) timeframe, suggesting a potential reversal in the current downtrend. Furthermore, it has successfully broken its lower high level, indicating a shift in momentum towards the upside.Here's a simplified trading strategy based on this analysis:Entry: Consider entering a long position at the current market price of $0.5835.Stop Loss (SL): Place a stop loss order at $0.5470 to manage risk and limit potential losses.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 $0.6200TP2: Aim for the second take-profit level at $0.6565This trading strategy is based on the bullish divergence observed on the 1H timeframe and the breakout above the lower high level. However, it's important to monitor the price action closely and adjust the strategy as needed to adapt to changing market conditions.