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.