Chibuike_Odoh

DEXEBUSD { DEXE } - BULLISH SETUP

Long
BINANCE:DEXEBUSD   DEXE / BUSD
ANALYSIS 🔎
- DEXEBUSD hit an all time high and retraced.
- Price retested the all-time low support (@2.618).
- There was a relatively high concentration of buyers at that zone.
- The downtrend was resisted by the descending trendline resistance.
- Price brokeout above the descending trendline resistance.
- This is a bullish signal.
- Price then hit a swing high (@23.499) and retraced.
- The retracement was bounded in the falling wedge pattern
- Price then retested the key fibonacci retracement zone (0.5 - 0.618 - 0.786) and brokeout above the falling wedge resistance, hitting a lower swing high (@17.7).
- Price is currently retesting the falling wedge resistance, horizontal support level (@12.2) and key fibonacci retracement zone.
- This current retracement is resisted by a descending trendline resistance (not quite visible on this timeframe).
- Breakout above this descending trendline resistance could be an uptrend continuation signal.

BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the descending trendline resistance.
- Limit entry: retest of the horizontal support level (@10.475)

TARGETS 🎯
- Horizontal resistance level (@17.7).
- Horizontal resistance level (@23.499).
- Horizontal resistance level (@31.873).

SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the horizontal support level (@10.475).
- Final invalidation: breakdown below the 0.786 fibonacci retracement level.

Eğlence 🥂

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