Chibuike_Odoh

BZRXUSDT (BZX PROTOCOL) - UPTREND CONTINUATION

Long
BINANCE:BZRXUSDT   bZx Protocol / TetherUS
ANALYSIS 🔎
- BZRXUSDT brokeout above the cup and handle resistance and hit a swing high.
- The market then retraced for a retest.
- Price is retesting the cup and handle resistance (flip horizontal support) and key fibonacci retracement levels (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance could be an uptrend continuation signal.

BUY ENTRY ⬆️
- Conservative entry : breakout above the descending trendline resistance.
- Aggressive entry (risky) : market price (now).

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

SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.

Comments

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