ANALYSIS 🔎
- PROMBUSD 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, the ascending trendline support and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- Price action is printing an inverse head and shoulders pattern at the retest zone.
- The inverse head and shoulders pattern is a bullish reversal pattern.
BUY ENTRY ⬆️
- Breakout above the inverse head and shoulders neckline resistance (@15.5)
TARGETS 🎯
- Horizontal resistance level (@17.27).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the right shoulder's horizontal support level (@14.384).
- PROMBUSD 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, the ascending trendline support and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- Price action is printing an inverse head and shoulders pattern at the retest zone.
- The inverse head and shoulders pattern is a bullish reversal pattern.
BUY ENTRY ⬆️
- Breakout above the inverse head and shoulders neckline resistance (@15.5)
TARGETS 🎯
- Horizontal resistance level (@17.27).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the right shoulder's horizontal support level (@14.384).