RENUSDT | Ready to the Bullish Movement

Disclaimer on,
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.

On the H4 time frame, RENUSDT.P seems to have formed a higher peak and closed above the 90 EMA. This condition has the possibility of strengthening with a note that RENUSDT is able to break through the Higher Peak that was previously formed and close above the area which I marked with a Critical Point (0.391). This is also reinforced by evidence that the Higher Troughs formed coincided with the 0.382 Fibonacci Retracement ratio level.
If these conditions are met, then RENSUDT has the potential to strengthen to the level of 0.445x which is the 1.0 Fibonacci Extension ratio area.

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評論:

Critical Pont was broken, then the next target is 0.445x

評論:

After broke the critical area at 0.391, unfortunately the next candle close below it and followed by full body red candle (a.k.a. marubozu) which is a false break sign and coincide at the 0.7 of Fibonacci Extension ratio.
After that, the price run with the previous bearish trend.
FYI, i had a short position with the target prof at 0.27xx