RENBTC Double Top| Impulse Sell| Structural Support|21EMA
Evening Traders,
Today’s analysis –RENBTC- impulse sell coming into structural support where a bounce is probable.
Points to consider,
- Local double top
- Support flipped (local resistance)
- Structural support confluence
- Oscillators above 50
- Volume below average
RENBTC had an impulse reaction from its double top region, breaking a key level now turned local resistance. Structural support is the immediate trade location; it has technical confluence with the .50 Fibonacci, a bounce is probable at this key level.
The 21 EMA and 200 MA are visual support guides; price likes to back test them with each impulse move away.
Both oscillators are above 50, returning to neutral territory. Trading above the 50 mid-point gives a bullish bias on the market.
The immediate volume is below average, an influx is probable when approaching key trade locations i.e. structural support.
Overall, in my opinion, the structural support region is likely to be tested which will allow for a valid long with defined risk. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“a greater probability of one thing happening over another. In a sense, technical analysis allows you”― Mark Douglas
Today’s analysis –RENBTC- impulse sell coming into structural support where a bounce is probable.
Points to consider,
- Local double top
- Support flipped (local resistance)
- Structural support confluence
- Oscillators above 50
- Volume below average
RENBTC had an impulse reaction from its double top region, breaking a key level now turned local resistance. Structural support is the immediate trade location; it has technical confluence with the .50 Fibonacci, a bounce is probable at this key level.
The 21 EMA and 200 MA are visual support guides; price likes to back test them with each impulse move away.
Both oscillators are above 50, returning to neutral territory. Trading above the 50 mid-point gives a bullish bias on the market.
The immediate volume is below average, an influx is probable when approaching key trade locations i.e. structural support.
Overall, in my opinion, the structural support region is likely to be tested which will allow for a valid long with defined risk. Price action is to be used upon discretion/ management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“a greater probability of one thing happening over another. In a sense, technical analysis allows you”― Mark Douglas
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