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REN/USDTPERP Potential Upward Movement

REN/USDTPERP Long-Term Trend: Bullish

Key Resistance Levels: 0.86420, 0.91040, 0.91100.

Key Support Levels: 0.75800, 0.67110, 0.67000.

Daily Chart:

The price on the higher time frame failed to break the 0.67110 USDT mark and posted an engulfing bullish pattern near this level. This led to a reversal and a move higher where the buyers are in control of the market. Further movement to the upside could be seen in the coming hours.

REN/USDTPERP Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is traded inside a bullish flag formation where a lower correction could be seen to the 50% Fibonacci retracement level which coincide with the bespoke support around the 0.74945 USDT mark. Once testing this area a reversal could be seen and then a move upward toward the next key level.

Signal Idea:

Buy Limit Order @ 0.75945

TP 1 @ 0.86010

TP 2 @ 0.91040

Stop Loss @ 0.72645

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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