DCR/USDT { DECRED } - BULLISH SETUP

2022年8月14日

Hello everyone.
Happy New year, though it's coming late.
It's been a while.
How are y'all doing.
Making profits, i hope.
I have an analysis on DCR/USDT.
Hope y'all find it profitable and educative.

ANALYSIS 🔎
- DCR /USDT hit an all-time high and retraced.
- The retracement was bounded in the falling wedge pattern which is a bullish reversal pattern.
- Price brokeout above the falling wedge pattern as expected.
- The breakout is retesting the falling wedge resistance and the key fibonacci retracement levels (0.618 - 0.702 - 0.786).
- We could see more upside from this zone.

BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the horizontal resistance (@39.8).
- Limit entry: test of the 0.786 fibonacci retracement level.

TARGETS 🎯
- Horizontal resistance level (@57.9).
- Horizontal resistance level (@70.4).
- Fibonacci extension level 1.0 (@85.0)

SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
- This will lead to a test of the swing low (@19.8), implying a possible formation of a double bottom pattern, which is also a bullish pattern.