Chibuike_Odoh

MLN/USDT { ENZYME } - BULLISH SETUP

Long
BINANCE:MLNUSDT   MLN / TetherUS
ANALYSIS 🔎
- MLN/USDT is on an uptrend supported by the ascending trendline support.
- The market hit a swing high and retraced.
- Price is retesting the flip horizontal support and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- The retracement is resisted by the descending trendline resistance.
- Breakout above this descending trendline resistance could be an uptrend continuation signal.

BUY ENTRY ⬆️
- Aggressive entry: the key fibonacci retracement zone.
- Conservative entry: breakout above the descending trendline resistance.

TARGETS 🎯
- Horizontal resistance level (@158.8).
- Horizontal resistance level (@177).
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Breakdown below the ascending trendline support and the 0.786 fibonacci retracement level.