RENDER trade entry set up
2024-11-18

Long term analysis 

  
On a weekly timeframe,  BINANCE:RENDERUSDT   is developing a powerful bullish wave since January 2023. The last corrective wave (around -70%) seems to be ending with a reversal pattern. In addition we have a weekly golden cross signal which from history gave good opportunities from the last 2 waves and the flat and narrow bollinger bands hint at a potential explosive move upward.


 Strategy 

   

Buy on the break of the resistance line of 7.70$. 
 
 Objective 1: back to the next resistance at 9.80$ (+30%)
 Objective 2: ATH at 13.50$ (+75%)
 Objective 3: Wave V extension around 30$ (+290%)
 

 Invalidation  
Mental Stop: below the last low of 6.90$ 
If prices retrace to this level we will wait for the daily close price then set a Stop loss ¼ or Risk below the weekly close price.


