ANALYSIS 🔎
- FARM/USDT hit a swing high and retraced for a retest of the key fibonacci retracement zone (0.5 - 0.618 - 0.786) and horizontal support level.
- There's a relatively high concentration of buyers at this zone.
- There's a potential formation of the bullish inverse head and shoulders pattern.
- The minor retracement at the right shoulder is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance 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.
- Breakout above the inverse head and shoulders neckline resistance.
TARGETS 🎯
- Inverse head and shoulders neckline resistance.
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below 0.786 fibonacci retracement level.
- FARM/USDT hit a swing high and retraced for a retest of the key fibonacci retracement zone (0.5 - 0.618 - 0.786) and horizontal support level.
- There's a relatively high concentration of buyers at this zone.
- There's a potential formation of the bullish inverse head and shoulders pattern.
- The minor retracement at the right shoulder is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance 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.
- Breakout above the inverse head and shoulders neckline resistance.
TARGETS 🎯
- Inverse head and shoulders neckline resistance.
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below 0.786 fibonacci retracement level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.