ANALYSIS 🔎
- GO/BTC brokeout above the double bottom neckline resistance, hit a swing high and retraced.
- Price is retesting the key fibonacci retracement zone (0.5 - 0.618 - 0.786) and the double bottom neckline resistance.
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- Price action is showing signs of a the double bottom pattern formation.
- The double bottom pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry: breakout above the double bottom neckline resistance (@0.00000088)
- Aggressive entry: market price.
TARGETS
- Neckline resistance (@0.00000088)
- Horizontal resistance level (@0.00000106)
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the double bottom horizontal support level (@0.00000069)
- Final invalidation: breakdown below the 0.786 fibonacci retracement level.
- GO/BTC brokeout above the double bottom neckline resistance, hit a swing high and retraced.
- Price is retesting the key fibonacci retracement zone (0.5 - 0.618 - 0.786) and the double bottom neckline resistance.
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- Price action is showing signs of a the double bottom pattern formation.
- The double bottom pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry: breakout above the double bottom neckline resistance (@0.00000088)
- Aggressive entry: market price.
TARGETS
- Neckline resistance (@0.00000088)
- Horizontal resistance level (@0.00000106)
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the double bottom horizontal support level (@0.00000069)
- Final invalidation: breakdown below the 0.786 fibonacci retracement level.