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SRM/USDTPERP Potential Upward Movement

SRM/USDTPERP Long-Term Trend: Bullish

Key Resistance Levels: 3.843, 4.623, 4.700

Key Support Levels: 3.043, 2.610, 2.500

Daily Chart:

The price on the higher time frame failed to break a strong support area around the 2.610 USDT mark, which led to a reversal and a formation of a double bottom near this zone. In addition we noticed that the market succeeded to break the trendline resistance which is another reason for a rally to the upside.

SRM/USDTPERP Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price managed to break the bullish flag to the upside. It posted an engulfing bullish pattern around the highlighted zone. A lower correction could be seen to this area before a new impulsive wave to the target profit.

Signal Idea:

Buy Limit Order @ 3.054

TP 1 @ 3.832

TP 2 @ 4.623

Stop Loss @ 2.795

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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