ANALYSIS 🔎 - OMGUSDT brokeout above the double bottom neckline resistance. - Price hit a swing high and retraced. - Price retested the neckline resistance (flip horizontal support), key fibonacci retracement levels (0.5 - 0.618 - 0.786), and the ascending trendline support (ATS). - There's a relatively high concentration of buyers at this retest zone (High buying pressure). - The retracement was resisted by the descending trendline resistance (DTR). - Price brokeout above the descending trendline resistance (DTR). - This is a bullish signal.
SETUP INVALIDATION ❌ - The ascending trendline support (ATS) is acting as a dynamic support. - Breakdown below this trendline support could be an invalidation signal. - The previous swing low (S2) could be used as the last validation level.