Long
RENUSDT (REN) - BULLISH SETUP
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).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.