Long

Updated

RNDR cooking up some nice gains soon

RNDRUSD needs strong buyer momentum to break above Downtrend #2. Watch for a bounce off one of the three key demand zones ($6.8, $6.3, $5.6) as potential entry points. The key areas to monitor include breaking Trend Line #1 to confirm bullish momentum and observing the behavior around the top of the channel ($16-18) for a potential breakout or the formation of a bearish harmonic Bat pattern. Despite short-term fluctuations, RNDR holds significant long-term potential.

Let's break out of this trend and create a channel break out to the moon!!!

Note

Update for potential entry: 7.35

Why?
Retests the liquidity trendline #2
Bearish flag on the 15m tf, pole length, breakdown matches this zone
High demand area

I'm still learning and this is what I see, please do your own research

Note

Also use cation right now as the world and market reacts to the Biden Trump debate

Trade active

Spot Long (No Leverage)

Entered Long at: 7.35
Stop Loss (SL): 6.6

Target Prices (TP):
TP1: 8.4
TP2: 9.3
TP3: 10
-> Note: Profits will not be taken at TP zones unless indicators signal the end of the run. These TP zones are areas to monitor.

Rationale for Long Position:
-OBV Divergence
-Oversold Conditions
-Fear/Greed Index: 40 → 47 → 30 (Thu/Fri/Sat)
-Observing Accumulation

Key Considerations:
-If volume remains low, we could drop to 7, where trendline confluence might pivot us upward. The SL is set based on this zone.
-Monitor behavior around TP zones.

Please do your own research - I'm still a rookie :)

Note

Reflecting and learning lesson from this trade so far: perhaps entered the trade too early. Entered at peak volume, and volume tampered off on the weekend. Emotions of missing out on a good entry overtook my thinking. Next time, wait for confirmation and adjust if necessary. Will be interesting to see if the Pivot point around 7 plays out.

Note

Update: Leaning towards one of these situations unfolding. DYOR

- If the $7 zone (acts as a trend reversal - I believe we will break through 8.4 zone with strong buying power.
- If there is a pump up before hitting the pivot point weak hands might offload out of fear more downside is to come.

Note

UPDATE
1. Lowering SL to 5.6 to account for any long wicks + aligns with my original idea
2. If the price hits any of the demand zones, I'll make additional long entries to DCA
3. Trendline #2 is acting like a price magnate
4. Low Volume all weekend, looking forward to seeing things pick up!

Note

Observations:

1. Rising Wedge on lower tfs
2. Volume is starting to pick up
3. Based on the rising wedge TP at 7.41 - 25% of trade, which will be used as additional buying power on this dip before we start extension

Dip levels to look for:
1. the trend line intersection point ($7)
2. Retesting trendline 2, rebreak out/retest....the force is strong with this one

Note

Eyeing this zone for additional entries. Might see a short term dip, wait for the confirmation a bottom forming

Note

Higher TF - bullish

Note

Update: Short-term Lower timeframe

- The ascending triangle had a break upward and retraced to a support.
- We'll need to hold this area to continue up. Higher TF is still looking Bullish
- Currently lower volume

Trade closed manually

Exited Trade: TP 7.85

Why?
-Reserving buying power
-Triple top pattern on the low timeframe (trend reversal)
-High timeframe is still bullish

Points for Entry:
-Align with original 3 scenarios
-Trendline #2 acting like a neckline with bear trap bounces
-If it behaves like a triple top, we might tap the next demand zone at 6.3 with a wick
-Look for a bounce at the pivot point $7 (the check mark)

Remember, please do your own research! :)

Note

Trade active

Looking at this setup, I'm still cautious with TP given the global political climate, including elections and power transfers. Additionally, the upcoming U.S. presidency is bound to be drama-filled, leading to potential market volatility.

Estimated numbers - please do your own research :)

Entry: 6.8
TP: 7.4
TP: 9.7
S/L: 5.1
*Note: Since I'm spot long with no leverage, I'm just suggesting the S/L idea but won't set it automatically due to strong demand likely creating a bounce.

Note

Here's a zoomed-out view on the daily timeframe. We had a bounce off the 200 SMA, with buyers scooping up sell orders, resulting in minimal price volatility. This signals accumulation.

TPs are based on trendline intersections, resistance, and supply zones.

Note

Spotted a wave formation. This scenario is completely hypothetical and may not materialize, but I wanted to document it here for reference.

If it remains valid, we are on the C leg of wave 2. Hopefully, the next stop is the start of impulse wave 3.

Again please do your own research, I am sharing my rookie perspective

Note

Lower Timeframe Zoomed in view: for potential Wave Formation.

May not be valid but hey... let's see.

Note

alternative perspective: if A-B corrective already formed.

Note

Overarching theme for this trade: Patience

Things still look good

TothecheeseballMOON

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.

TothecheeseballMOON