ANALYSIS 🔎 - 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 testing the horizontal support level (S1) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786). - There's a relatively high concentration of buyers at this zone. - The minor retracement at the right shoulder is resisted by the descending trendline resistance. - Breakout above the descending trendline resistance 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. - Retest of the descending trendline resistance after the breakout.