ANALYSIS 🔎
- RENUSDT hit a swing high and retraced.
- Price is retesting the flip horizontal support (FHS) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- 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.
- Price action is printing the inversed head and shoulders (IH&S) pattern.
- The inverse head and shoulders pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry : breakout above the inverse head and shoulders neckline resistance (NR) / (R1).
- Aggressive entry : market price.
TARGETS
- Horizontal resistance level (R2).
- Horizontal resistance level (R3) / swing high.
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the right shoulder's horizontal suppor level (S1).
- RENUSDT hit a swing high and retraced.
- Price is retesting the flip horizontal support (FHS) and the key fibonacci retracement zone (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at this zone (high buying pressure).
- 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.
- Price action is printing the inversed head and shoulders (IH&S) pattern.
- The inverse head and shoulders pattern is a bullish reversal pattern.
- We could be at the verge of an uptrend continuation.
BUY ENTRY ⬆️
- Conservative entry : breakout above the inverse head and shoulders neckline resistance (NR) / (R1).
- Aggressive entry : market price.
TARGETS
- Horizontal resistance level (R2).
- Horizontal resistance level (R3) / swing high.
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the right shoulder's horizontal suppor level (S1).