REN testing support of this parallel channelPretty simple set up.
Using Fib levels as goalposts, especially the .40 level.
My goal is to exit around .4 to .45 level in the next 7-10 days.
Made my entry at .31!
Let me know what you think.
RENUSD trade ideas
REN USD levels and trend linesREN broke out of the ascending wedge pattern on the 4 Hour and is hovering around the .618 fib level, which forms the top of the wedge.
If this area holds (3.4-3.5), we should see the next levels on the fib retrace as targets for resistance and support ~ .38 and .42 respectively.
We are seeing a heavy correlation with bitcoin right now, so be sure to pay attention to BTC.
REN Elliott Wave Pattern and Fib levels PT>2From the graph it looks like we are on the 5th wave of the triangle Elliott Wave Correction (E on the graph), in the short history visible to us on this REN:USD pair.
The waves seem to be hitting the fib retrace levels from the .422 high on October 11th almost exactly, and this triangle correction has been bouncing between the .618 and the .312 areas, and the price has currently just bounced off of the .5 area.
This "E" wave may test this area again and bounce off of the .5 retracement again (~.33 level) before continuing the bullish trend up to the .42 level again, at which point the .786 fib level should act as support for a continued bullish trend.
This is a continuation of the last idea I posted, which was my first post ever. I have been studying price graphs and buying/trading crypto since September 2017, but this is my first time publicly sharing my trading ideas! So please, understand that this is not financial advice and PLEASE do your own research and analysis, which is what I am now here doing for myself.
One Love,
Dharma
Ren getting squeezedSimple chart showing Ren following the ascending trendline while getting squeezed under strong resistance.
Ren breaking out of accumulation.Ren has sat in this symmetrical triangle for a long time. It has pushed above and now is finding support. Thanks for your support!
REN approaching pivotal point?I dont typically like charting coins new to the coinbase exchange because of the "Coinbase Affect" but here is REN looking like it wants to touchdown on what I can consider an important support line, just food for thought.
REN Move SoonI'm new to trading so just sharing my thoughts so please take with a grain of salt :)
Looks like REN approaching an interesting spot here. Its been rejecting off a descending trend line and also bouncing off an ascending trendline. It has also flipped the support to resistance.
A couple possible outcomes I can see from this point,
1. If it breaks out of the descending trendline I will wait to take a long position after it has also broken the resistance on the blue area at .35 and reclaimed as support. If it does it will probably retest .39 then .42 and higher if market permits.
2. If it breaks below the ascending trendline and also breaks through the orange support at .30 we could see as low as .20 for a re test.
Any predictions?
RENUSD possible breakout soon and levels to watch for*DISCLAIMER: I am not a financial advisor and this is not financial advice as these are purely my opinions and speculations. You should always do your own due diligence before trading or investing.
*Follow me for the latest cryptocurrency analyses on my watchlist
*Thank you to those who donated, I very much appreciate it.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
SICK FACE...last time a seen a face on algo usd ...and the market ripped up hard ... here's another face thumbs up please
Not selling off like the market - is there more upside?*DISCLAIMER: I am not a financial advisor and this is not financial advice as these are purely my opinions and speculations. You should always do your own due diligence before trading or investing.
*Follow me for the latest cryptocurrency analyses on my watchlist
*Thank you to those who donated, I very much appreciate it.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
Not selling off like the market - is there more upside?*DISCLAIMER: I am not a financial advisor and this is not financial advice as these are purely my opinions and speculations. You should always do your own due diligence before trading or investing.
*Follow me for the latest cryptocurrency analyses on my watchlist
*Thank you to those who donated, I very much appreciate it.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
SHORT TERM RETRACEMENT ON RENUSD?Good morning traders. leave a like or a comment if the analysis can be useful.
The recent REN rally, also driven by the listing of the crypto on coinbase, seems to have stopped at the FIB 23.6 level where investors likely took their profits.
Today's market appears to be in perfect balance as shown by the forming small body candle.
The main indicators still do not confirm any trend reversal that could proceed upwards, although a return to trendline 1 before a rebound cannot be ruled out.
Tomorrow's moves could confirm an immediate long entry strategy or a full retracement above the 0.5 FIB level before a buy entry.
The main trend remains upward.
Ren Making Higher Highs. RENUSDSure does! We might see a little drawback first thought, as divergence on the RSI indicator. And there are quite a few fractals at play here. Zooming out, we can see that we have successfully completed Wave 1 and 2. All that is on the chart is some part of Wave 3. Hold on to your.. well.. hats - this one should climb quite a bit being a DEFI token. Goals are in gold, invalidation in red. NFA.
Ren- support Partial buy on REN at the pivot (yellow line) above.
Most if not all of my current holdings are charted using support and resistance zones (red areas) and a yellow pivot line in the middle. The pivot zone represents equilibrium between the bulls and the bears. If price is in a confirmed uptrend on a higher time frame
(in this case the daily chart) then pullbacks to the pivot usually represent decent buy areas.
Only partial buys though until the PARSAR is back under price and the SMS is at least green and trending higher.
Sells are taken at resistance unless resistance is broken and looks to flip into support.
REN ThoughsI see a move like this for REN. ~$2.00 for next parabolic top before next macro distribution/accumulation phase.
