RENDER trade entry set up
Updated
Long term analysis
On a weekly timeframe,
RENDERUSDT is developing a powerful bullish wave since January 2023. The last corrective wave (around -70%) seems to be ending with a reversal pattern. In addition we have a weekly golden cross signal which from history gave good opportunities from the last 2 waves and the flat and narrow bollinger bands hint at a potential explosive move upward.
Strategy
Buy on the break of the resistance line of 7.70$.
Invalidation
Mental Stop: below the last low of 6.90$
If prices retrace to this level we will wait for the daily close price then set a Stop loss ¼ or Risk below the weekly close price.
On a weekly timeframe,
RENDERUSDT is developing a powerful bullish wave since January 2023. The last corrective wave (around -70%) seems to be ending with a reversal pattern. In addition we have a weekly golden cross signal which from history gave good opportunities from the last 2 waves and the flat and narrow bollinger bands hint at a potential explosive move upward.Strategy
Buy on the break of the resistance line of 7.70$.
- Objective 1: back to the next resistance at 9.80$ (+30%)
- Objective 2: ATH at 13.50$ (+75%)
- Objective 3: Wave V extension around 30$ (+290%)
Invalidation
Mental Stop: below the last low of 6.90$
If prices retrace to this level we will wait for the daily close price then set a Stop loss ¼ or Risk below the weekly close price.
Trade active
Breakout done, let's monitor the trade which is now activeNote
Objective 1 has been reached ✅
Let's take our first profits with 30% gains and secure our position to target the next objectives.
Trade closed: stop reached
Our protective stop was triggered at 9,80$
We are out with a bit less than 30% profits on this trade.
Let's move on and focus on our next opportunities.
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.