ANALYSIS 🔎
- AUDIOUSDT hit an ATH and retraced for a retest of the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- The retracement was resisted by the descending trendline resistance (DTR-1).
- Price brokeout above the descending trendline resistance (DTR-1), this is a bullish signal.
- There's a potential formation of the bullish inverse head and shoulders (IH&S) pattern.
- Price hit a swing high and retraced (right shoulder formation).
- Price is retesting the descending trendline resistance (DTR-1), horizontal support level (S1) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- The minor retracement at the right shoulder is resisted by the descending trendline resistance (DTR-2).
- Breakout above the descending trendline resistance (DTR-2) could lead to the test of inverse head and shoulders neckline resistance (complete formation of the inverse head and shoulders pattern).
- Further breakout above the inverse head and shoulders neckline resistance could be a bullish confirmation.
BUY ENTRY ⬆️
- Breakout above the descending trendline resistance (DTR-2).
- Breakout above the inverse head and shoulders neckline resistance (NR).
TARGETS 🎯
- All Time High ( ATH ) resistance.
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Initial invalidation : breakdown below 0.786 fibonacci retracement level.
- Final invalidation : breakdown below previous swing low horizontal support level (S2).
- AUDIOUSDT hit an ATH and retraced for a retest of the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- The retracement was resisted by the descending trendline resistance (DTR-1).
- Price brokeout above the descending trendline resistance (DTR-1), this is a bullish signal.
- There's a potential formation of the bullish inverse head and shoulders (IH&S) pattern.
- Price hit a swing high and retraced (right shoulder formation).
- Price is retesting the descending trendline resistance (DTR-1), horizontal support level (S1) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- The minor retracement at the right shoulder is resisted by the descending trendline resistance (DTR-2).
- Breakout above the descending trendline resistance (DTR-2) could lead to the test of inverse head and shoulders neckline resistance (complete formation of the inverse head and shoulders pattern).
- Further breakout above the inverse head and shoulders neckline resistance could be a bullish confirmation.
BUY ENTRY ⬆️
- Breakout above the descending trendline resistance (DTR-2).
- Breakout above the inverse head and shoulders neckline resistance (NR).
TARGETS 🎯
- All Time High ( ATH ) resistance.
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Initial invalidation : breakdown below 0.786 fibonacci retracement level.
- Final invalidation : breakdown below previous swing low horizontal support level (S2).