OXEN/USDT { OXEN } - BULLISH SETUP
ANALYSIS 🔎
- OXEN/USDT brokeout above the inverse head and shoulders neckline resistance, hit a swing high and retraced.
- Price is retesting the key fibonacci retracement zone (0.618 - 0.7 - 0.786) and the inverse head and shoulders neckline resistance turned support.
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- The retracement is resisted by the descending trendline resistance.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Aggressive entry: current market price.
- Conservative entry: breakout above the descending trendline resistance.
TARGETS 🎯
- Horizontal resistance level (@1.16016).
- Horizontal resistance level (@1.24666).
- Fibonacci extension level 1.0 (@1.41791).
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level (@0.74625).
- OXEN/USDT brokeout above the inverse head and shoulders neckline resistance, hit a swing high and retraced.
- Price is retesting the key fibonacci retracement zone (0.618 - 0.7 - 0.786) and the inverse head and shoulders neckline resistance turned support.
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- The retracement is resisted by the descending trendline resistance.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Aggressive entry: current market price.
- Conservative entry: breakout above the descending trendline resistance.
TARGETS 🎯
- Horizontal resistance level (@1.16016).
- Horizontal resistance level (@1.24666).
- Fibonacci extension level 1.0 (@1.41791).
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level (@0.74625).
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