As it seems, Render wants to clear the upper side of the liquidity. Currently, it is forming a bullish flag, but the breakout is not yet confirmed.
The reason why I think the target must be the upper liquidity is that Render has already cleared the bottom liquidity area.
After a small accumulation, Render pumped well and now it's accumulating in another way.
What we call a "bull flag" is another version of a small retracement and also accumulation.
Before a liquidity run, there must be either a sideways movement or simply a channel like this one you see on the chart.
-There is also another confirmation about the liquidity pool that remains on the upside.
The image on the chart from Coinglass shows where the main liquidity sits. It's aligning perfectly with the chart and Fibonacci extension ratios.
At the moment, downside liquidity for the market is not attractive compared to the upside because it has already been taken before.
The safest entry would be a zone to trade on lower timeframes. It's around $1.970 - $2.4.
The reason is the volume. If you look at the fixed volume range I added to the chart, there are some lines to be broken first. The reason why I picked that specific area to use the fixed volume range is that it's exactly the first place where buyers stepped in right before the main pump and the correction afterward.
RSI and many other oscillators are also trying to flash a signal for strong momentum, but at the moment, it is not yet confirmed as well. So still, the best entry should be in a breakout scenario, if it ever happens.
Thanks for reading.
Skyress
The reason why I think the target must be the upper liquidity is that Render has already cleared the bottom liquidity area.
After a small accumulation, Render pumped well and now it's accumulating in another way.
What we call a "bull flag" is another version of a small retracement and also accumulation.
Before a liquidity run, there must be either a sideways movement or simply a channel like this one you see on the chart.
-There is also another confirmation about the liquidity pool that remains on the upside.
The image on the chart from Coinglass shows where the main liquidity sits. It's aligning perfectly with the chart and Fibonacci extension ratios.
At the moment, downside liquidity for the market is not attractive compared to the upside because it has already been taken before.
The safest entry would be a zone to trade on lower timeframes. It's around $1.970 - $2.4.
The reason is the volume. If you look at the fixed volume range I added to the chart, there are some lines to be broken first. The reason why I picked that specific area to use the fixed volume range is that it's exactly the first place where buyers stepped in right before the main pump and the correction afterward.
RSI and many other oscillators are also trying to flash a signal for strong momentum, but at the moment, it is not yet confirmed as well. So still, the best entry should be in a breakout scenario, if it ever happens.
Thanks for reading.
Skyress
Trade active
Note
Long Activated. Trade closed manually
Render seems to be ending a five wave impulse move and wave 5 might have ended. So I reccommend closing positions.
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.
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.