🧠 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.