RENUSDT Local Range| 200 MA| Volume Climax| Price Action

5 oct. 2020Evening Traders,

Second Analysis – RENUSDT – trading in a local range with defined boundaries, range low likely to be tested.

Points to consider,
- Range High Resistance ( 200 MA Confluence)
- Range Low Support
- Price Action Bearish Retest
- Volume Climax

RENUSDT’s immediate price action has established a bearish retest, allowing us to have a bearish on the market.

The range high us current resistance that is in confluence with the 200 MA, price has initially respected it. Breaking above this level will be bullish leading into a change in market structure.

Volume profile has a valid influx node marking a temporary top, the next influx will be likely at key trade locations.

Overall, in my opinion, RENUSDT is a valid short with defined risk, price action is to be used up discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt