ANALYSIS 🔎
- BAKEBUSD was bounded in the falling wedge (FW-1) pattern.
- Price brokeout above the falling wedge's (FW-1) resistance.
- The market then retraced and is testing the key fibonacci retracement levels (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at the test zone.
- Price action is printing another falling wedge pattern (FW-2).
- A falling wedge pattern is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's (FW-2) resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support and the 0.786 fibonacci retracement level.
- BAKEBUSD was bounded in the falling wedge (FW-1) pattern.
- Price brokeout above the falling wedge's (FW-1) resistance.
- The market then retraced and is testing the key fibonacci retracement levels (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at the test zone.
- Price action is printing another falling wedge pattern (FW-2).
- A falling wedge pattern is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's (FW-2) resistance.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support and the 0.786 fibonacci retracement level.