Today’s update will be on RENBTC , bearish divergence into daily support, which held successfully, will we see a continuation in this bull trend? Volume needs to sustain otherwise a break of daily support can come to fruition…
Points to consider - Trend bullish on 240 timeframe - Major daily support tested - Structural resistance in above red zone - EMA’s giving price resistance at current given time - Stochastics projected upwards - RSI bouncing of local support - Volume needs to sustain
RENBTC has broken a very key structural resistance level which now has held support (S/R Flip) upon a bearish divergence coming to fruition, a correction was required. The trend overall is bullish after consecutive higher lows being in place, the most recent potential higher low comes to fruition due to heavy technical confluences from the .38 Fibonacci level and the daily support.
Structural resistance for REN is in the upper red region, the VPVR shows a steady decline in transactions towards that resistance. This tells as that if price sustains above current support, then bulls are more probable to reach next resistance zone (red box) due to the lack of transactional resistance being provided by the VPVR…
The EMA’s are currently giving price resistance as it recently crossed bearish , price needs to break above to eclipse local highs, this will then give the EMA’s a more bullish bias and support price in continuation of the bull trend.
Stochastics are currently projected upwards; this tells us that there is stored momentum for a continuation. The RSI is currently bouncing of support after converging from price ( bearish divergence). It needs to break the down sloping resistance when it gets closer to its apex…
Volume is very key here; we need to see a sustained increase in bull volume after this major structural resistance break to ensure that we are not in a false break. If price fails to hold above, then the whole market structure will be negated…
Overall, IMO , REN has a good chance of continuing this bull trend; my only emphasis will be on volume , which has to increase to eclipse local highs…
What are your thoughts on RENBTC?
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And remember,
“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota