ANALYSIS 🔎
- DEGOUSDT hit an ATH and retraced.
- Price retested the flip horizontal support (FHS) and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There was a relatively high concentration of buyers at the retest zone.
- The retracement was bounded in the falling wedge (FW-1) pattern.
- A falling wedge pattern is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance as expected.
- This is a bullish signal.
- The market is currently undergoing a minor retracement, testing the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- This minor retracement is bounded in another falling wedge (FW-2) pattern.
- There's a breakout potential
BUY ENTRY ⬆️
- Breakout above the falling wedge's (FW-2) resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support and 0.786 fibonacci retracement level.
- DEGOUSDT hit an ATH and retraced.
- Price retested the flip horizontal support (FHS) and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There was a relatively high concentration of buyers at the retest zone.
- The retracement was bounded in the falling wedge (FW-1) pattern.
- A falling wedge pattern is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance as expected.
- This is a bullish signal.
- The market is currently undergoing a minor retracement, testing the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- This minor retracement is bounded in another falling wedge (FW-2) pattern.
- There's a breakout potential
BUY ENTRY ⬆️
- Breakout above the falling wedge's (FW-2) resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support and 0.786 fibonacci retracement level.