ANALYSIS 🔎
- OMGUSDT brokeout above the double bottom neckline resistance.
- Price hit a swing high and retraced.
- Price retested the neckline resistance (flip horizontal support), key fibonacci retracement levels (0.5 - 0.618 - 0.786), and the ascending trendline support (ATS).
- There's a relatively high concentration of buyers at this retest zone (High buying pressure).
- The retracement was resisted by the descending trendline resistance (DTR).
- Price brokeout above the descending trendline resistance (DTR).
- This is a bullish signal.
BUY ENTRY ⬆️
- Market price (now).
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- The ascending trendline support (ATS) is acting as a dynamic support.
- Breakdown below this trendline support could be an invalidation signal.
- The previous swing low (S2) could be used as the last validation level.
- OMGUSDT brokeout above the double bottom neckline resistance.
- Price hit a swing high and retraced.
- Price retested the neckline resistance (flip horizontal support), key fibonacci retracement levels (0.5 - 0.618 - 0.786), and the ascending trendline support (ATS).
- There's a relatively high concentration of buyers at this retest zone (High buying pressure).
- The retracement was resisted by the descending trendline resistance (DTR).
- Price brokeout above the descending trendline resistance (DTR).
- This is a bullish signal.
BUY ENTRY ⬆️
- Market price (now).
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- The ascending trendline support (ATS) is acting as a dynamic support.
- Breakdown below this trendline support could be an invalidation signal.
- The previous swing low (S2) could be used as the last validation level.