ANALYSIS 🔎
- DOGEUSDT brokeout above the inverse head and shoulders neckline resistance (1) and hit an ATH.
- Price retraced and retested the flip horizontal support and 0.618 fibonacci retracement level.
- Price action is printing the inverse head and shoulders reversal pattern at the retest area.
- The inverse head and shoulders pattern is a bullish reversal pattern.
- A bullish pin bar (hammer) was also formed at the retest area.
- Price is approaching the inverse head and shoulders neckline resistance (2).
- We could see the uptrend continuation.
BUY ENTRY ⬆️
- Breakout above the neckline resistance (2).
TARGETS 🎯
- Horizontal resistance level (R1).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the inverse head and shoulders support level (S1).
- DOGEUSDT brokeout above the inverse head and shoulders neckline resistance (1) and hit an ATH.
- Price retraced and retested the flip horizontal support and 0.618 fibonacci retracement level.
- Price action is printing the inverse head and shoulders reversal pattern at the retest area.
- The inverse head and shoulders pattern is a bullish reversal pattern.
- A bullish pin bar (hammer) was also formed at the retest area.
- Price is approaching the inverse head and shoulders neckline resistance (2).
- We could see the uptrend continuation.
BUY ENTRY ⬆️
- Breakout above the neckline resistance (2).
TARGETS 🎯
- Horizontal resistance level (R1).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the inverse head and shoulders support level (S1).