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REN/USDTPERP Potential Upward Movement

REN/USDTPERP Long-Term Trend: Bullish

Key Resistance Levels: 0.36140, 0.41760, 0.48136

Key Support Levels: 0.30791, 0.28226, 0.25055

Daily Chart:

The price on the higher time frame failed to break a key strong support around the 0.28226 USDT mark, and posted an engulfing bullish pattern which led to a reversal to the upside. The price is still in a clear upward movement where several bullish bars has been posted above the strong support level.

REN/USDTPERP Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the asset is bouncing inside an ascending channel pattern where we expect a lower correction to the strong support that coincides with the lower end of the channel. This could cause a reversal and a move upward again in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 0.32684

TP 1 @ 0.35939

TP 2 @ 0.36140

Stop Loss @ 0.31606

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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