📈 Let's analyze MKR cryptocurrency coin for trading in futures together.
📦 In the 4-hour timeframe, after forming a box between 1914 and 2218, we were in a consolidation phase. After breaking the ceiling of this box, we continued our weekly bullish trend.
📊 Currently, we have reached a daily resistance at 3385. After each encounter with this resistance and subsequent correction, we have been forming higher lows, forming an ascending trend line.
🎯 If we break the resistance at 3385, we can open long positions targeting 3722. However, it's essential to have risk-to-reward targets rather than a single number. For stop-loss placement, confirmation in lower timeframe candles can guide us to place it just below the previous support level logically.
🔍 For short positions, it's early now, and we haven't seen a change in trend yet. But if you're inclined to short, after breaking the 4-hour trendline and confirming the entry point at support 3156, you can open a short position. Try to take profit early and avoid staying in the position for the long term.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📦 In the 4-hour timeframe, after forming a box between 1914 and 2218, we were in a consolidation phase. After breaking the ceiling of this box, we continued our weekly bullish trend.
📊 Currently, we have reached a daily resistance at 3385. After each encounter with this resistance and subsequent correction, we have been forming higher lows, forming an ascending trend line.
🎯 If we break the resistance at 3385, we can open long positions targeting 3722. However, it's essential to have risk-to-reward targets rather than a single number. For stop-loss placement, confirmation in lower timeframe candles can guide us to place it just below the previous support level logically.
🔍 For short positions, it's early now, and we haven't seen a change in trend yet. But if you're inclined to short, after breaking the 4-hour trendline and confirming the entry point at support 3156, you can open a short position. Try to take profit early and avoid staying in the position for the long term.
💼 Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.