💎 REN has recently broken out of a descending channel, forming a W pattern on the support zone, signaling a potential reversal towards the bullish side.
💎If RENUSDT breaks above the first resistance zone, it will be considered a Change of Character (CHoCH), indicating a shift in market sentiment towards bullishness. This could lead to a bullish market structure from that point onward.
💎In the event of a pullback, we can anticipate a bullish bounce from the support zone. Given the overall bullish trend in the cryptocurrency market, it is advisable to align with the prevailing trend.
💎However, if RENUSDT breaks down below the support zone, it would be prudent to refrain from trading REN in that situation. A breakdown below support would signify a bearish market structure, which goes against the prevailing trend.