ANALYSIS 🔎 - 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).