Technical Analysis:
ALICEUSDT has been following a bearish trend, characterized by lower highs and lower lows since mid-March 2023. However, recent price action has resulted in a period of consolidation, forming a well-defined trend line support level ranging between $0.810 and $0.900. This consolidation indicates a potential opportunity for a breakout if the price manages to surpass the upper boundary of this range.
Trade Setup:
Entry: It is advisable to enter a long position once the price successfully breaks above the consolidation range, preferably surpassing $0.900.
Target: Our target for this trade setup is set at $1.351, offering a significant potential upside from the breakout level.
Stop Loss: To effectively manage risk, it is recommended to set a stop loss at $0.810, positioned below the lower boundary of the consolidation range.
ALICEUSDT has been following a bearish trend, characterized by lower highs and lower lows since mid-March 2023. However, recent price action has resulted in a period of consolidation, forming a well-defined trend line support level ranging between $0.810 and $0.900. This consolidation indicates a potential opportunity for a breakout if the price manages to surpass the upper boundary of this range.
Trade Setup:
Entry: It is advisable to enter a long position once the price successfully breaks above the consolidation range, preferably surpassing $0.900.
Target: Our target for this trade setup is set at $1.351, offering a significant potential upside from the breakout level.
Stop Loss: To effectively manage risk, it is recommended to set a stop loss at $0.810, positioned below the lower boundary of the consolidation range.
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