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ALICEBUSD (ALICE) - BULLISH SETUP

Long
BINANCE:ALICEBUSD   ALICE / BUSD
ANALYSIS πŸ”Ž
- There's a potential formation of the bullish inverse head and shoulders (IH&S) pattern.
- Price hit a swing high and retraced (right shoulder formation).
- Price is testing the horizontal support level (S1) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- The minor retracement at the right shoulder is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance could lead to the test of inverse head and shoulders neckline resistance (complete formation of the inverse head and shoulders pattern).
- Further breakout above the inverse head and shoulders neckline resistance could be a bullish confirmation.

BUY ENTRY ⬆️
- Breakout above the descending trendline resistance.
- Retest of the descending trendline resistance after the breakout.

TARGETS 🎯
- Horizontal resistance level (R1).
- Neckline resistance ( NR ).
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Initial invalidation : breakdown below 0.786 fibonacci retracement level.
- Final invalidation : breakdown below previous swing low horizontal support level (S2).

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