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DENT/USDTPERP Potential Upward Movement

DENT/USDTPERP Long-Term Trend: Bullish

Key Resistance Levels: 0.007703, 0.008871, 0.008900.

Key Support Levels: 0.005696, 0.004870, 0.004800.

Daily Chart:

The price on the higher time frame failed to break a strong support level around the 0.005696 USDT mark and posted a bullish engulfing pattern plus a double bottom pattern which led to a reversal and a move higher. We expect further movement to the upside in the coming hours.

DENT/USDTPERP Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price succeeded to break the descending channel formation to the upside with the help of a double bottom formation. We expect a lower correction to the highlighted zone before a new impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 0.006564

TP 1 @ 0.007619

TP 2 @ 0.008871

Stop Loss @ 0.006263

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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