POWRETH { POWER LEDGER } - BULLISH SETUP
ANALYSIS 🔎
- POWRETH brokeout above the falling wedge's resistance, hit a swing high and retraced.
- Price is retesting the falling wedge resistance and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- Price action is printing the double bottom pattern.
- The double bottom pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry: breakout above the double bottom neckline resistance (@0.00011382)
- Aggressive entry: market price.
TARGETS
- Horizontal resistance level (@0.00014705)
- Horizontal resistance level (@0.00017160)
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
- POWRETH brokeout above the falling wedge's resistance, hit a swing high and retraced.
- Price is retesting the falling wedge resistance and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- Price action is printing the double bottom pattern.
- The double bottom pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry: breakout above the double bottom neckline resistance (@0.00011382)
- Aggressive entry: market price.
TARGETS
- Horizontal resistance level (@0.00014705)
- Horizontal resistance level (@0.00017160)
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
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