Chibuike_Odoh

MLN/USDT { ENZYME } - BULLISH SETUP

Long
BINANCE:MLNUSDT   MLN / TetherUS
ANALYSIS 🔎
- MLN/USDT is currently on an uptrend supported by the ascending trendline support.
- The market hit a swing high and retraced.
- Price is retesting the key fibonacci retracement zone (0.5 - 0.618 - 0.786) and the ascending trendline support.
- 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 (@119.9)
- Aggressive entry: market price.

TARGETS
- Horizontal resistance level (@158.8)
- Horizontal resistance level (@177.0)
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Breakdown below the double bottom horizontal support level and the 0.786 fibonacci retracement level.