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!!!
