REN/BTC potential ending correction and starting new cycle
REN / BTC (Binance) - I'm sending you the Christmas Forecast as a selection of dozens of charts I've gone through today. Even though some altcoins record smaller impulses, I I do not want to jump into them immediately for one simple reason ... Dominance has barely moved since yesterday and there is no sign of decline so it can only be retracements within the current Altcoin correction.
However, I like REN because it is a fundamentally decent project that has seen a decent uptrend in a short time since the listing and has since consolidated in the triangle. The volume decreases towards the apex, which prepares the graph for a larger impulse. The RSI at 1D in the neutral zone below 40, the MACD and the Histogram twist around the equilibrium point currently slightly to buy, ready for a larger impulse. No later than 31.12. there will be a breakout point from the triangle and I find it illogical to break down such a structure.
1D chart:
All the more I like the structure of the fact that in the apex of a huge cyclic triangle we see a PRZ for a potential BULLISH GARTLEY pattern with a PRZ between 422sat and 400sat, where we observe precise AB = CD, 0.886XA retracement and 1.41BC projection. Harmonic Patterns We do not trade over limit buys, although I personally like the primary trend line at the bottom of the PRZ, which keeps REN from the bottom of the uptrend. To enter after testing all PRZ points ( I expect even lower leg down, or after break from resistance trend).
Set alerts because a fomo may occur after a breakout. SL according to strategy, possibly under point X (359sat). The targets of the pattern / middleterm exit zone are shown in the chart, I do not exclude that if properly supported by the bulls, it can kick off another beautiful UP run.
12h graph:
I wish everyone a peaceful Christmas, peace with family and loved ones and good taste at dinner. :)
However, I like REN because it is a fundamentally decent project that has seen a decent uptrend in a short time since the listing and has since consolidated in the triangle. The volume decreases towards the apex, which prepares the graph for a larger impulse. The RSI at 1D in the neutral zone below 40, the MACD and the Histogram twist around the equilibrium point currently slightly to buy, ready for a larger impulse. No later than 31.12. there will be a breakout point from the triangle and I find it illogical to break down such a structure.
1D chart:
All the more I like the structure of the fact that in the apex of a huge cyclic triangle we see a PRZ for a potential BULLISH GARTLEY pattern with a PRZ between 422sat and 400sat, where we observe precise AB = CD, 0.886XA retracement and 1.41BC projection. Harmonic Patterns We do not trade over limit buys, although I personally like the primary trend line at the bottom of the PRZ, which keeps REN from the bottom of the uptrend. To enter after testing all PRZ points ( I expect even lower leg down, or after break from resistance trend).
Set alerts because a fomo may occur after a breakout. SL according to strategy, possibly under point X (359sat). The targets of the pattern / middleterm exit zone are shown in the chart, I do not exclude that if properly supported by the bulls, it can kick off another beautiful UP run.
12h graph:
I wish everyone a peaceful Christmas, peace with family and loved ones and good taste at dinner. :)