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AUDIOUSDT (AUDIO) – BULLISH SETUP for BINANCE:AUDIOUSDT by Chibuike_Odoh

ANALYSIS 🔎
AUDIOUSDT hit an ATH and retraced for a retest of the key fibonacci retracement zone (0.5 – 0.618 – 0.786).
– There’s a relatively high concentration of buyers at this zone.
– The retracement was resisted by the descending trendline resistance (DTR-1).
– Price brokeout above the descending trendline resistance (DTR-1), this is a bullish signal.
– There’s a potential formation of the bullish inverse head and shoulders (IH&S) pattern.
– Price hit a swing high and retraced (right shoulder formation).
– Price is retesting the descending trendline resistance (DTR-1), horizontal support level (S1) and the key fibonacci retracement zone (0.5 – 0.618 – 0.786).
– The minor retracement at the right shoulder is resisted by the descending trendline resistance (DTR-2).
– Breakout above the descending trendline resistance (DTR-2) could lead to the test of inverse head and shoulders neckline resistance (complete formation of the inverse head and shoulders pattern).
– Further breakout above the inverse head and shoulders neckline resistance could be a bullish confirmation.

BUY ENTRY ⬆️

– Breakout above the descending trendline resistance (DTR-2).

– Breakout above the inverse head and shoulders neckline resistance ( NR ).

TARGETS 🎯

– All Time High ( ATH ) resistance.

Fibonacci extension levels.

SETUP INVALIDATION ❌

– Initial invalidation : breakdown below 0.786 fibonacci retracement level.

– Final invalidation : breakdown below previous swing low horizontal support level (S2).

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