DODOUSDT (DODO) - POTENTIAL BUY ENTRY

27 thg 2, 2021

ANALYSIS 🔎
- This is a double setup analysis on DODOUSDT.

FIRST SETUP
- The bounce off the horizontal support level (S1).
- Price is testing the horizontal support level (S1).
- The downtrend is resisted by the descending trendline resistance (DTR-2).
- There's an uptrend potential.
Buy entry ⬆️ : breakout above the descending trendline resistance (DTR-2).
Target 🎯 : horizontal resistance level R1(neckline resistance).
Setup invalidation ❌ : breakdown below the horizontal support level (S1).

SECOND SETUP
- This setup remains valid if the first setup plays out as expected (price breaks out above DTR-2 and hits the neckline resistance.
- Price would be the testing the neckline resistance.
- This would form the double bottom pattern.
- A double bottom pattern is bullish reversal pattern.
Buy entry ⬆️: breakout above the double bottom neckline resistance.
Targets 🎯 : horizontal resistance levels (R2, R3).
Setup invalidation ❌ : breakdown below the previous swing low.