ANALYSIS 🔎 - This is a double setup analysis on DODOUSDT.
FIRST SETUP - The bounce off the horizontal support level (S1). - Price is testing the horizontal support level (S1). - The downtrend is resisted by the descending trendline resistance (DTR-2). - There's an uptrend potential. Buy entry ⬆️ : breakout above the descending trendline resistance (DTR-2). Target 🎯 : horizontal resistance level R1(neckline resistance). Setup invalidation ❌ : breakdown below the horizontal support level (S1).
SECOND SETUP - This setup remains valid if the first setup plays out as expected (price breaks out above DTR-2 and hits the neckline resistance. - Price would be the testing the neckline resistance. - This would form the double bottom pattern. - A double bottom pattern is bullish reversal pattern. Buy entry ⬆️: breakout above the double bottom neckline resistance. Targets 🎯 : horizontal resistance levels (R2, R3). Setup invalidation ❌ : breakdown below the previous swing low.