DEGOUSDT (DEGO FINANCE) - BULLISH SETUP ANALYSIS 🔎
- DEGOUSDT hit an ATH and retraced.
- Price retested the flip horizontal support (FHS) and key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There was a relatively high concentration of buyers at the retest zone.
- The retracement was bounded in the falling wedge (FW) pattern.
- The falling wedge pattern is a bullish reversal pattern.
- Price brokeout above the falling wedge's resistance as expected.
- This is a bullish signal.
- Price action is printing the double bottom neckline on pattern.
- The double bottom pattern is a bullish reversal pattern.
- The downtrend at the right bottom was resisted by the descending trendline resistance (DTR).
- Price brokeout above the descending trendline resistance.
- This is a bullish signal.
BUY ENTRY ⬆️
- Market price.
TARGETS 🎯
- Horizontal resistance level (R1) / Neckline resistance (NR).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Initial invalidation : breakdown below the double bottom horizontal support level (S1).
- Final invalidation : breakdown below the 0.786 fibonacci retracement level.
