ANALYSIS 🔎
- TORN/USDT hit a swing high and retraced.
- Price retested the 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 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.
BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the horizontal resistance level (@54.04).
- Limit entry: possible retest of the swing low horizontal support level (@49.01).
TARGETS 🎯
- Horizontal resistance level (@57.29)
- Horizontal resistance level (@83.71).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Initial invalidation : breakdown below the swing low horizontal support level (@49.01)
- Final invalidation : breakdown below the 0.786 fibonacci retracement level.
- TORN/USDT hit a swing high and retraced.
- Price retested the 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 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.
BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the horizontal resistance level (@54.04).
- Limit entry: possible retest of the swing low horizontal support level (@49.01).
TARGETS 🎯
- Horizontal resistance level (@57.29)
- Horizontal resistance level (@83.71).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Initial invalidation : breakdown below the swing low horizontal support level (@49.01)
- Final invalidation : breakdown below the 0.786 fibonacci retracement level.