ANALYSIS 🔎
- XLMUSDT brokeout above the descending trendline resistance and retraced
- Price is testing the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- Price action is printing the falling wedge (FW) pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support.
- This breakdown will probably lead to the retest of the horizontal support level (S1).
- Which if it holds, will lead to the formation of the double bottom bullish reversal pattern.
- XLMUSDT brokeout above the descending trendline resistance and retraced
- Price is testing the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- Price action is printing the falling wedge (FW) pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support.
- This breakdown will probably lead to the retest of the horizontal support level (S1).
- Which if it holds, will lead to the formation of the double bottom bullish reversal pattern.