ANALYSIS 🔎
- DOGEUSDT brokedown below the descending triangle's horizontal support and hit the fibonacci extension levels and projected descending channel support as expected from my previous analysis.
- The market is currently bounded in descending channel.
- Price is testing the descending channel resistance.
- RSI is printing a bullish divergence signal.
- Price action is printing the inverse head and shoulders pattern.
- This is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the descending channel's resistance and the inverse head and shoulders neckline resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
SETUP INVALIDATION ❌
- Breakdown below the right shoulder's horizontal support level (S1).
- DOGEUSDT brokedown below the descending triangle's horizontal support and hit the fibonacci extension levels and projected descending channel support as expected from my previous analysis.
- The market is currently bounded in descending channel.
- Price is testing the descending channel resistance.
- RSI is printing a bullish divergence signal.
- Price action is printing the inverse head and shoulders pattern.
- This is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the descending channel's resistance and the inverse head and shoulders neckline resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
SETUP INVALIDATION ❌
- Breakdown below the right shoulder's horizontal support level (S1).
