PSG/USDT { PARIS SAINT-GERMAIN FAN TOKEN } - BULLISH SETUP
ANALYSIS 🔎
- PSG/USDT hit an all-time high and retraced.
- Price is retesting the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There is a relatively high concentration of buyers at this zone (High buying pressure).
- The retracement was bounded in the falling wedge pattern which is a bullish reversal pattern.
- Price brokeout above the falling wedge pattern as expected.
- Price action is printing an ascending triangle pattern.
- An ascending triangle is a bullish build up pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the ascending triangle's horizontal resistance (@34.00).
- Limit entry: test of the ascending triangle's inclined support.
TARGETS 🎯
- Horizontal resistance level (@39.57).
- All-time high resistance level (@61.54).
- Fibonacci extension level 1.0 (@76.26)
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the ascending triangle's inclined support.
- Final invalidation: breakdown below the swing low support level (@25.50).
- PSG/USDT hit an all-time high and retraced.
- Price is retesting the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There is a relatively high concentration of buyers at this zone (High buying pressure).
- The retracement was bounded in the falling wedge pattern which is a bullish reversal pattern.
- Price brokeout above the falling wedge pattern as expected.
- Price action is printing an ascending triangle pattern.
- An ascending triangle is a bullish build up pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the ascending triangle's horizontal resistance (@34.00).
- Limit entry: test of the ascending triangle's inclined support.
TARGETS 🎯
- Horizontal resistance level (@39.57).
- All-time high resistance level (@61.54).
- Fibonacci extension level 1.0 (@76.26)
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the ascending triangle's inclined support.
- Final invalidation: breakdown below the swing low support level (@25.50).
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