From the graph it looks like we are on the 5th wave of the triangle Elliott Wave Correction (E on the graph), in the short history visible to us on this REN:USD pair.
The waves seem to be hitting the fib retrace levels from the .422 high on October 11th almost exactly, and this triangle correction has been bouncing between the .618 and the .312 areas, and the price has currently just bounced off of the .5 area.
This "E" wave may test this area again and bounce off of the .5 retracement again (~.33 level) before continuing the bullish trend up to the .42 level again, at which point the .786 fib level should act as support for a continued bullish trend.
This is a continuation of the last idea I posted, which was my first post ever. I have been studying price graphs and buying/trading crypto since September 2017, but this is my first time publicly sharing my trading ideas! So please, understand that this is not financial advice and PLEASE do your own research and analysis, which is what I am now here doing for myself.
One Love,
Dharma
The waves seem to be hitting the fib retrace levels from the .422 high on October 11th almost exactly, and this triangle correction has been bouncing between the .618 and the .312 areas, and the price has currently just bounced off of the .5 area.
This "E" wave may test this area again and bounce off of the .5 retracement again (~.33 level) before continuing the bullish trend up to the .42 level again, at which point the .786 fib level should act as support for a continued bullish trend.
This is a continuation of the last idea I posted, which was my first post ever. I have been studying price graphs and buying/trading crypto since September 2017, but this is my first time publicly sharing my trading ideas! So please, understand that this is not financial advice and PLEASE do your own research and analysis, which is what I am now here doing for myself.
One Love,
Dharma
This level should become support, next stop .422