Long
Potentially > 100% profits in explosive REN move above $1.
Hello fellow Traders and Community members.Hope you’re all having a great week.
REN seems to have started the ascent from the bottom of the recent correction below $0.4 and is now trading around $0.5. In my analysis I have determined that this could be the last leg in the parabolic 5th wave up from the Covid-19 crash. As such using the high and low trend lines we determine potential targets. Looking at the previous upward wave on the lower timeframe that took us up to 0.55 we see that the upward momentum started on the last day of the month, similar to this month, and culminated at the top trend line on the 18th of August.This was followed by a correction till the 30th of August.
If we estimate a similar timeframe and the increasingly parabolic nature of the curve I believe a target of $1.2 is probably by the 18th of September. Here I plan on selling into USDT and buying back between $0.8-0.9 (0.5 fib like August) around the beginning of October.
Forecasting such a big move in such a market is obviously just a few steps above shooting in the dark but considering the frothiness we are seeing in the Alt market paired with the DeFi boom that’s ongoing makes this double your money trade a real possibility in my untrained opinion.
Of course this is all just just my opinion and would love to hear what you have to say. Likes and comments are always appreciated.
Ps. Please don’t take investment advice from someone as fresh as me lol. Stay safe and form your own opinions. I don’t use leverage in the crypto market FYI.
Peace
REN seems to have started the ascent from the bottom of the recent correction below $0.4 and is now trading around $0.5. In my analysis I have determined that this could be the last leg in the parabolic 5th wave up from the Covid-19 crash. As such using the high and low trend lines we determine potential targets. Looking at the previous upward wave on the lower timeframe that took us up to 0.55 we see that the upward momentum started on the last day of the month, similar to this month, and culminated at the top trend line on the 18th of August.This was followed by a correction till the 30th of August.
If we estimate a similar timeframe and the increasingly parabolic nature of the curve I believe a target of $1.2 is probably by the 18th of September. Here I plan on selling into USDT and buying back between $0.8-0.9 (0.5 fib like August) around the beginning of October.
Forecasting such a big move in such a market is obviously just a few steps above shooting in the dark but considering the frothiness we are seeing in the Alt market paired with the DeFi boom that’s ongoing makes this double your money trade a real possibility in my untrained opinion.
Of course this is all just just my opinion and would love to hear what you have to say. Likes and comments are always appreciated.
Ps. Please don’t take investment advice from someone as fresh as me lol. Stay safe and form your own opinions. I don’t use leverage in the crypto market FYI.
Peace
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