Chibuike_Odoh

REN/BTC { REN } - BULLISH SETUP

Long
BINANCE:RENBTC   Ren / Bitcoin
ANALYSIS πŸ”Ž
- REN/ BTC is bounded in the descending triangle pattern.
- Price is testing the descending triangle's horizontal support.
- The swing downtrend was resisted by the descending trendline resistance.
- Price brokeout above the descending trendline resistance.
- Price action is printing the inverse head and shoulders pattern.
- The inverse head and shoulders pattern is a bullish reversal pattern.

BUY ENTRY ⬆️
- Market entry: current market price.
- Stop limit entry: breakout above the inverse head and shoulders neckline resistance.
- Limit entry: Retest of the right shoulder's horizontal support level .

TARGETS 🎯
- The descending triangle's inclined resistance.
- There's a brokeout potential of the descending triangle's inclined resistance.

SETUP INVALIDATION ❌
- Initial invalidation: breakdown below the right shoulder's horizontal support level .
- Final invalidation: breakdown below the descending triangle's horizontal support (@0.00000863).

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