Chibuike_Odoh

FXSBUSD (FRAX SHARE) - BUY ENTRY

Long
BINANCE:FXSBUSD   FXS / BUSD
ANALYSIS 🔎
- FXSBUSD brokeout above the double bottom ( DB ) neckline resistance ( NR ).
- The market hit a swing high and retraced.
- Price is retesting the neckline resistance (flip horizontal support) and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There is a relatively high concentration of buyers at the retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance ( DTR ).
- A breakout above the descending trendline resistance ( DTR ) could be a bullish signal.

BUY ENTRY ⬆️
- Conservative entry : breakout above the descending trendline resistance ( DTR ).
- Aggressive entry : market price.

TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- ATH ( All-time high) resistance.

SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.