SKLUSDT (SKALE NETWORK) - BULLISH SETUP

ANALYSIS 🔎
- SKLUSDT is on a mid-term uptrend supported by the ascending trendline support.
- The market hit a swing high and retraced.
- Price is retesting the flip horizontal support, the ascending trendline support and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone.
- The retracement is resisted by the descending trendline resistance.
- Breakout above this descending trendline resistance could be an uptrend continuation signal.

BUY ENTRY ⬆️
- Breakout above the descending trendline resistance.
- Retest of the descending trendline resistance after the breakout.

TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
- Fibonacci extension levels.

SETUP INVALIDATION ❌
- Breakdown below the ascending trendline support.