ANALYSIS 🔎
- BAKEBUSD was resisted by the descending trendline resistance (DTR).
- Price brokeout above the descending trendline resistance and retraced.
- Price is retesting the descending trendline resistance and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- Price action is printing the inverse head and shoulders pattern (IHAS).
- This is a bullish reversal pattern.
- There's an uptrend continuation possibility.
BUY ENTRY ⬆️
- Conservative entry : breakout above the inverse head and shoulders neckline resistance.
- Aggressive entry : market price.
TARGETS 🎯
- Horizontal resistance level (R1).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the head horizontal support level (S1).
- BAKEBUSD was resisted by the descending trendline resistance (DTR).
- Price brokeout above the descending trendline resistance and retraced.
- Price is retesting the descending trendline resistance and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- Price action is printing the inverse head and shoulders pattern (IHAS).
- This is a bullish reversal pattern.
- There's an uptrend continuation possibility.
BUY ENTRY ⬆️
- Conservative entry : breakout above the inverse head and shoulders neckline resistance.
- Aggressive entry : market price.
TARGETS 🎯
- Horizontal resistance level (R1).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the head horizontal support level (S1).
