Short

RNDR heading down towards daily support

Updated

The price seems to be attracted towards daily support1 zone. The price has been slowly moving towards it and is very likely to dip into this support zone.

Note

The price came close to daily support but did not quite touch it. This happens if price has already touched it before and that is a sign of reversal with strength. I wanted to update the idea at that point but somehow missed as other charts kept me engaged and it slipped my mind. It is very similar to the case of ANKRUSDT where I suggested to offload any short and that would have been true in this case as well. Anyways, now the price has moved strongly up and currently heading towards 4h resistance zone. It might block the price but looking at the strength and momentum, the possibility of the price heading to daily resistance cannot be denied.

Note

So the issue here was the focus on 4h support zone and missing the daily support zone. When I redrew the daily support zone, it kind of clarified why price two times bounced a bit above the drawn 4h support region. Now I have updated the daily support region and there it is clearly visible that the price is bouncing of the daily support. I am not personally trading this coin and therefore not able to monitor it and update it properly. Now the question is the price has bounced from the daily support already once and will it do the same again with that momentum and of that degree. Let us watch. However, in terms of my system of probability calculation, it is favoring a long for the time being as a day trader.

Note

It is also possible that my drawing of resistance is also flawed because of the more focus on 4h time frame and that is why price shows a few reversal way before my 4h resistance 1 zone is drawn. I will check that as well and post and updated chart if that is the case.

angela_altair

Also on:

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.