- SFPUSDT hit an All time high ( ATH ) and retraced to the 0.618 level.
- The retracement was bounded in the pattern
- A pattern is a reversal pattern.
- Price brokeout above the falling wedge's resistance.
- Price is currently ranging in a rectangular consolidation pattern.
- This rectangular consolidation pattern is known as the accumulation phase (Wyckoff method).
- The accumulation phase is a pre uptrend phase ( build up pattern).
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the rectangular consolidation pattern's horizontal resistance (R1).
- Horizontal (R2).
- All Time High ( ATH ) resistance (R3).
SETUP INVALIDATION ❌
- Breakdown below the rectangular consolidation pattern's horizontal support (S1).