ANALYSIS 🔎
- GTO/USDT was bounded in a descending triangle pattern.
- Price brokeout above the descending triangle's inclined resistance as expected from my previous analysis.
- The market hit a swing high and retraced.
- The retracement is currently testing the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- The retracement is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance could be an uptrend continuation signal.
BUY ENTRY ⬆️
- Aggressive entry (more profitable): the key fibonacci retracement zone ( 0.5 - 0.618 - 0.784 ).
- Conservative entry (higher success rate): breakout above the descending trendline resistance.
TARGETS 🎯
- Horizontal resistance level (@0.06836).
- Horizontal resistance level (@0.09420).
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the 0.786 fibonacci retracement level.
- Final invalidation: breakdown below the descending triangle's horizontal support level.
- GTO/USDT was bounded in a descending triangle pattern.
- Price brokeout above the descending triangle's inclined resistance as expected from my previous analysis.
- The market hit a swing high and retraced.
- The retracement is currently testing the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- The retracement is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance could be an uptrend continuation signal.
BUY ENTRY ⬆️
- Aggressive entry (more profitable): the key fibonacci retracement zone ( 0.5 - 0.618 - 0.784 ).
- Conservative entry (higher success rate): breakout above the descending trendline resistance.
TARGETS 🎯
- Horizontal resistance level (@0.06836).
- Horizontal resistance level (@0.09420).
SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the 0.786 fibonacci retracement level.
- Final invalidation: breakdown below the descending triangle's horizontal support level.
