BAKEBUSD (BAKE) - BUY ENTRY UPDATE
ANALYSIS 🔎
- This is an update on my previous BAKEBUSD analysis that got invalidated.
- Price brokeout above the descending trendline resistance (DTR).
- The market hit a swing high and retraced.
- Price is retesting and descending trendline resistance (DTR) and key fibonacci retracement zone (0.5-0.618 - 0.786).
- The retracement is bounded in the falling wedge (FW) pattern.
- A falling wedge pattern is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's (FW) resistance and horizontal resistance level (R1).
TARGETS 🎯
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Horizontal resistance level (R4).
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support and 0.786 fibonacci retracement level.
- This is an update on my previous BAKEBUSD analysis that got invalidated.
- Price brokeout above the descending trendline resistance (DTR).
- The market hit a swing high and retraced.
- Price is retesting and descending trendline resistance (DTR) and key fibonacci retracement zone (0.5-0.618 - 0.786).
- The retracement is bounded in the falling wedge (FW) pattern.
- A falling wedge pattern is a bullish reversal pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the falling wedge's (FW) resistance and horizontal resistance level (R1).
TARGETS 🎯
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Horizontal resistance level (R4).
SETUP INVALIDATION ❌
- Breakdown below the falling wedge's support and 0.786 fibonacci retracement level.
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