Long
OCEAN/USDT { OCEAN PROTOCOL } - BULLISH SETUP
ANALYSIS 🔎
- OCEAN/USDT bounced off the all-time low support, breaking out above the descending trendline resistance.
- Price hit a swing high and retraced.
- Price is currently testing the key fibonacci retracement zone (0.618 - 0.7 - 0.786).
- The pullback retracement was resisted by the descending trendline resistance.
- Price brokeout above the descending trendline resistance.
- Price is currently retesting the pullback's descending trendline resistance and the key fibonacci retracement zone (0.618 - 0.7 - 0.786).
- Price action is showing a potential formation of the inverse head and shoulder's bullish pattern .
- There's an uptrend continuation potential.
BUY ENTRY ⬆️
- Aggressive entry (more profitable): the key fibonacci retracement zone (0.618 - 0.7 - 0.786).
- Conservative entry (higher success rate): breakout above the inverse head and shoulders neckline resistance (.
TARGETS 🎯
- Horizontal resistance level (@1.0150).
- Horizontal resistance level (@1.1400).
- Fibonacci extension levels 1.0 (@1.4100)
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the 0.786 fibonacci retracement level.
- Final invalidation: beakdown below the horizontal support level (@0.5865).
- OCEAN/USDT bounced off the all-time low support, breaking out above the descending trendline resistance.
- Price hit a swing high and retraced.
- Price is currently testing the key fibonacci retracement zone (0.618 - 0.7 - 0.786).
- The pullback retracement was resisted by the descending trendline resistance.
- Price brokeout above the descending trendline resistance.
- Price is currently retesting the pullback's descending trendline resistance and the key fibonacci retracement zone (0.618 - 0.7 - 0.786).
- Price action is showing a potential formation of the inverse head and shoulder's bullish pattern .
- There's an uptrend continuation potential.
BUY ENTRY ⬆️
- Aggressive entry (more profitable): the key fibonacci retracement zone (0.618 - 0.7 - 0.786).
- Conservative entry (higher success rate): breakout above the inverse head and shoulders neckline resistance (.
TARGETS 🎯
- Horizontal resistance level (@1.0150).
- Horizontal resistance level (@1.1400).
- Fibonacci extension levels 1.0 (@1.4100)
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the 0.786 fibonacci retracement level.
- Final invalidation: beakdown below the horizontal support level (@0.5865).
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.