- OGNUSDT brokeout above the double bottom neckline resistance and hit a swing high.
- Price retraced for a retest of the flip horizontal support (neckline resistance) and the 0.618 fibonacci retracement level.
- There's a relatively high concentration of buyers (buying pressure) at the retest zone.
- The retracement is bounded in a descending channel...
- OGNUSDT printed a falling wedge pattern.
- A falling wedge pattern is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance.
- The market has been consolidating in a rectangular pattern since the breakout.
- This rectangular consolidation pattern is known as the accumulation phase (0 - 0.786 fibonacci retracement level).