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DEGO / TetherUS PERPETUAL CONTRACT

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DEGOUSDT.P trade ideas

DEGO could be a nice hold for the next monthDEGO has seen a wave (1) come in very quickly upon listing, followed by wave (2). We think that (2) has now completed because of the smaller degree move up labeled as 1, which is likely to be followed by an enormous move up. This is because wave (3) will tend to target the 161.8% extension of wave (1), as shown on the chart for the take profit level. This trade will take entry either at 15.50 (the 61.8% retracement of wave 1), or when price is able to break above the Point Of Control shown by the red line at 17.8 again.
Long
by bowtrix
2
DEGOUSDT (DEGO FINANCE) - BULLISH SETUP ANALYSIS 🔎 - DEGOUSDT hit an ATH and retraced. - Price retested the flip horizontal support (FHS) and key fibonacci retracement zone (0.5 - 0.618 - 0.786). - There was a relatively high concentration of buyers at the retest zone. - The retracement was bounded in the falling wedge (FW) pattern. - The falling wedge pattern is a bullish reversal pattern. - Price brokeout above the falling wedge's resistance as expected. - This is a bullish signal. - Price action is printing the double bottom neckline on pattern. - The double bottom pattern is a bullish reversal pattern. - The downtrend at the right bottom was resisted by the descending trendline resistance (DTR). - Price brokeout above the descending trendline resistance. - This is a bullish signal. BUY ENTRY ⬆️ - Market price. TARGETS 🎯 - Horizontal resistance level (R1) / Neckline resistance (NR). - Horizontal resistance level (R2). - Horizontal resistance level (R3). - Fibonacci extension levels. SETUP INVALIDATION ❌ - Initial invalidation : breakdown below the double bottom horizontal support level (S1). - Final invalidation : breakdown below the 0.786 fibonacci retracement level.
Long
by Chibuike_Odoh