🧠 Technical Structure
The chart displays a clear breakout from a descending parallel channel (marked by the yellow dashed lines), indicating a bullish reversal pattern. This pattern suggests that the accumulation phase might be ending and a new upward trend is potentially forming.
🎯 Trade Setup
Entry Zone: Current price is retesting the upper boundary of the broken channel, which now acts as support.
Support: ~$22.20 – Confluence of the channel breakout retest and the 50 EMA (red line).
Stop Loss: Placed slightly below the lower support at $20.173 to protect against a failed breakout.
Target 1: $24.589 (First key resistance and liquidity zone).
Target 2: $26.902 (Major breakout target based on previous high structure).
Target 3 (Extended): $30.089 – Psychological and technical level if bullish momentum continues.
📈 Risk-to-Reward (R:R)
The chart shows a very healthy R:R ratio, favoring bulls with a wide upside if momentum sustains:
Risk: ~$2.10
Reward: ~$8.00
R:R: ~1:3.8+
🔍 Indicators & Confluence
Price broke above the 50 EMA and is currently bouncing off it — confirming bullish sentiment.
Volume spike on breakout shows increased buyer interest.
Previous failed attempts to break out add to the strength of the current breakout.
📌 Summary
This setup indicates a bullish breakout-retest continuation pattern on ENS/USDT. As long as the price holds above the $22 zone and the EMA support, a move toward $26–$30 is technically probable. Strong invalidation if price closes below $20.17.
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.