Chibuike_Odoh

SNXUSDT (SYNTHETIX NETWORK TOKEN) - POTENTIAL BREAKOUT

Long
BINANCE:SNXUSDT   SNX / TetherUS
ANALYSIS πŸ”Ž
- SNXUSDT brokeout above the double bottom ( DB ) neckline resistance ( NR ).
- The market hit an ATH and retraced.
- Price retested the key fibonacci retracement zones (0.5 - 0.618 - 0.786).
- A daily timeframe bullish pin bar (BPB) was formed at the retest area.
- Price action is printing a pennant pattern ( PP ).
- A pennant pattern is a trend continuation pattern.
- A bullish trend continuation pattern in this case.
- There's a breakout potential.

BUY ENTRY ⬆️
- Breakout above the pennant pattern's ( PP ) inclined resistance.

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

SETUP INVALIDATION ❌
- Breakdown below the pennant pattern's ( PP ) inclined support.

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