ANALYSIS 🔎
- FLMUSDT brokeout above the double bottom neckline resistance.
- Price hit a swing high and retraced.
- Price retested the neckline resistance (flip horizontal support)and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There was a relatively high concentration of buyers at the retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance ( DTR ).
- A brokeout above the descending trendline resistance (DTR) could be seen as a bullish signal.
BUY ENTRY ⬆️
- Breakout above the descending trendline resistance (DTR) and horizontal resistance level (R1).
TARGETS 🎯
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level (S1).
- FLMUSDT brokeout above the double bottom neckline resistance.
- Price hit a swing high and retraced.
- Price retested the neckline resistance (flip horizontal support)and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There was a relatively high concentration of buyers at the retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance ( DTR ).
- A brokeout above the descending trendline resistance (DTR) could be seen as a bullish signal.
BUY ENTRY ⬆️
- Breakout above the descending trendline resistance (DTR) and horizontal resistance level (R1).
TARGETS 🎯
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level (S1).