BAKEBUSD (BAKE) - POTENTIAL BUY ENTRY
ANALYSIS 🔎
- BAKEBUSD was bounded in the falling wedge pattern.
- Price brokeout above the falling wedge's resistance.
- The market then retraced and is testing the ascending channel key fibonacci retracement levels (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at the test zone.
- Price action is printing the double bottom pattern.
- Double bottom is a bullish reversal pattern.
- There's an uptrend continuation possibility.
BUY ENTRY ⬆️
- Breakout above the double bottom neckline resistance (NR)
TARGETS 🎯
- Horizontal resistance levels (R1).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the double bottom horizontal support level (S1).
- BAKEBUSD was bounded in the falling wedge pattern.
- Price brokeout above the falling wedge's resistance.
- The market then retraced and is testing the ascending channel key fibonacci retracement levels (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at the test zone.
- Price action is printing the double bottom pattern.
- Double bottom is a bullish reversal pattern.
- There's an uptrend continuation possibility.
BUY ENTRY ⬆️
- Breakout above the double bottom neckline resistance (NR)
TARGETS 🎯
- Horizontal resistance levels (R1).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the double bottom horizontal support level (S1).
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