ANALYSIS 🔎
- BTCST/USDT brokeout above the descending trendline resistance, hit a swing high and retraced.
- Price is retesting the descending trendline resistance and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- Price action is printing the double bottom pattern.
- The double bottom pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry: breakout above the double bottom neckline resistance (@25)
- Aggressive entry: market price.
TARGETS
- Horizontal resistance level (@27.44).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the double bottom horizontal support level.
- BTCST/USDT brokeout above the descending trendline resistance, hit a swing high and retraced.
- Price is retesting the descending trendline resistance and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- Price action is printing the double bottom pattern.
- The double bottom pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry: breakout above the double bottom neckline resistance (@25)
- Aggressive entry: market price.
TARGETS
- Horizontal resistance level (@27.44).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the double bottom horizontal support level.