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RENUSD trade ideas

REN: Up and OutIt looks like REN is making its move, like many other Ethereum tokens at this time. It is currently rallying in an ascending channel after rebounding from a spring meant to shake out weak hands before the next big markup. Right now everything points north as long as BTC behaves. How far north to fly is up to you; I provided a fib zone for ultra zone wick flashes, but if you're not willing to wait for the lightning you can just cash out at the low sell zone and net a cool 32% gain. Not a bad swing! *Not financial advice; trade at your own risk. Utilize a stop-loss to mitigate that risk. **If you have strong hands, patience, and like big wins and big money, follow me. I track all the USD-paired cryptocurrencies on Coinbase (and many others) and regularly seek out the most potentially lucrative swing trades for you. All my charts are clean, straightforward, and easy-to-follow. My technical analysis is based on Wyckoffian phase analysis, Elliott Waves & Fibonacci ratios. If some of my sell zones seem conservative, it's only because I believe in exiting while still holding the fat money bags! The more intrepid traders can let the winners run a bit longer if they choose. Good luck and safe trading to all!
RLong
by jalapablo
12
REN REN to 10/10 Weekly Chart Weekly RSI Support Zone Resistance Zone Target Price Comments 61 Trendline support = 0.85 1.21 zone Breaking 1.21 will open 1.40 and 1.87 Please don’t get carried away by Weekly or Monthly Targets. (Bullish) Fibo based support is at 0.823 Weekly Readings: After making a high of 1.84-85 the momentum soon lost its strength as Weekly indicators become extremely overheated which called upon aggressive profit taking which dragged the price to as low as 0.80 where we once again witnessed support on Fibo levels of 0.382%. The Price Action since then is moving sideways in order to cool down the indicators. RSI has now fallen from 88 region to 61 indicating that we are not cooled off. Moreover market is not breaking EMA 10 based support on Weekly which is a positive sign but keeping that in mind volumes are also not seen which can favor bears more than bulls as on support the burden is on Bulls to produce volume to hold the supports. Good buy zones on Weekly are present at 0.81 and 0.70 region. Buy on Dip Strategy should be adopted but prefer not to buy on irregular zones. Wait for good Dip or break of Resistance. In my view this was just the first pull up from this script. I expect a lot more to come in future. Remember we are analyzing Weekly Chart here which does not mean we are likely to see good upsides in 10-15 days. Before we see a new move consolidation is likely. Breaking all time high can put target of 3.50 into action. Due to lack of data on weekly as this script I am unable to use higher EMA’s which can be treated as Strict Stop-losses. REN CoinBase (REN/USD) Monthly View Today marks the last day of March 2021 and as of currently we are having a spinning Top formation on Monthly and that spinning top is also making advanced bearish deliberation block on Monthly suggesting that price may take a fall. Not Financial Advice, do your own due diligence and Slay your trading days!!!
RLong
by btcarchangel
1
REN REN to 10/10 1H Chart1H RSI Support Zone Resistance Zone Target Price Comments 32.7 0.0970 Closing above EMA 12 = 1.048 Refer to Detailed report Indecisive action can continue. (Entering Oversold) 0.0846 1.121 1H Readings: The Price has been moving in an upward channel and has now tested the bottom of that channel with good volumes and is making Hammer on Hourly Closing. Now taking breaking EMA 12 based resistance will confirm the support and will gear bulls to test 1.12 region once more while breaking that will put the scrip into a breakout which has potential to test 1.47 region once again. Indicators are in oversold region, signaling that downside is not restricted. Not Financial Advice, do your own due diligence and Slay your trading days!!!
RLong
by btcarchangel
REN REN to 10/10 LOL Daily ChartDaily RSI Support Zone Resistance Zone Target Price Comments 48 Support 1= 0.972 Firm Bottom = 0.084 Resistance 1 = 1.122 Keep playing the range. Adopt Buy on Dip Strategy (Neutral) Support 2= 0.088 Resistance 2 = 1.47 Daily Readings: Comparatively one of the new Crypto’s. Talking structurally it has one of the good structures in long term view. After such a strong start it is now moving sideways and is under correction. As long as it holds the Trendlines there is nothing to be scared of, yes if it breaches the Trendline the downside can be opened but for that the chances for now seem very low. On the other-hand breaking the falling channel resistance will open 1.47 breaking which would put the script to straight test 1.84-1.85 region once again. It will take some effort to break that said zone, once breached new highs are likely to be seen. Price action has breached HH – HL formation which indicates the strength will take time to gain momentum. Strategy: 1- Risk can be taken at good supports as Risk Reward Ratio on those levels are good. 2- Wait for break of resistance for Fresh entries. EMA 10 rests at 1.018 EMA 25 rests at 1.043 EMA 50 is at 1.006 which can limit fall, while breaking below this level will favor price to test the lower supports at 0.0972 and 0.088 region. This is where good buying support exits. On downside if Trendline is violated then we can see retest of 0.76-0.80 range. This is where on downside future course will be decided. Not Financial Advice, do your own due diligence and Slay your trading days!!!
RLong
by btcarchangel
REN breaking out and start of new wave patternThis is my view of REN and it has completed 5 wave elliot wave and 3 wave retracement and about to start new wave. 1. 1D MACD is about to cross the signal line and same as when it started the elliot wave before 2. The RSI is the same level as it started before If we follow the same wave pattern as before then we are looking around 70days of growth >500% increase. Note: this is not financial advice and I am new to Elliot waves. This is my idea only and let me know what you think?
R
by EMA34TRADER
2
REN fails to hold trendline in ascending channelFYI: I'm just getting started. Just want some feedback and thought of the community if possible. REN seems to have broken the lower diagonal trendline in given ascending channel. I would have assumed that while approaching the lower diagonal trendline with a decreasing volume we would have bounce back, however it didn't happen. It seems we have have a downward momentum towards the next resistance zone (0.85 - 0,88). Even though 1$ seems to be a strong (psychologic?) support, I think with correlation that BTC has one other leg down to go we are facing this last resistance zone and hopefully break the right upper diagonal line. Is it a smart idea to keep DCA until we reach this resistance zone? I started buy orders from 1.176 to 1,03$ with an average of 1,11$. Still have some liquid left to reduce my average buy. My wishful thought will be to sell 50% of my stack at the 2,61 fib level at approximately 3,20$ and let my profite ride. However I'm bit concerned with the current decentralization in the REN project, even though it's for security reasons, it's still a pitfall. What are you thoughts guys?
BINANCE:RENUSDLong
by andrebongima