RENBTC
Looking like a head and shoulders reversal here on the 2 hour. This is not financial advice and this is my second chart published so feedback would be welcomed and appreciated.
The top of the head is around 1394, and it breaks the neckline at around 1256. That is (rounding up) approximately -10%.
By taking -10% from the breaking of the neckline we get to the level around 1078 which also stood as resistance on the 22nd and 23rd before breaking above and creating the left shoulder.
Using these numbers, a retracement area of around 1078 is calculated as a price projection for a possible reversal - if the volume starts to show signs of increasing around that area. That 1078 area will be very crucial in determining if the trend will go up or down.
Also further confirmation for the h&s is the decline in volume from the left shoulder, to the head, and finally to the right shoulder. Aaaand the RSI of course is decreasing as well signalling an undervalued price.
It's hard to say where it will go from there but I would say it would go to at least the previous high of the head around 1394. Anyways I have spent way too much time on this so I hope yall appreciate and I really hope my rambling makes sense. My decision-making fatigue is pretty maxed out by this point in the day.
Safe trading.