REEFUSDT (REEF) - POTENTIAL BUY ENTRY

ANALYSIS
- REEFUSDT is bounded in the ascending channel (AC).
- Price hit the ascending channel resistance and then retraced for the retest of the ascending channel support and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- The retracement was resisted by the descending trendline resistance (DTR-1).
- Price brokeout above the descending trendline resistance (DTR-1) due to the high buying pressure at the retest zone.
- The market is bullish.
- Price is currently experiencing a minor retracement to the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- This retracement is a resisted by the descending trendline resistance (DTR-2).
- Breakout above the trendline resistance could be an uptrend continuation signal.

BUY ENTRY ⬆️
- Breakout above the descending trendline resistance (DTR-2).

TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Ascending channel resistance.
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Breakdown below the ascending channel support.