Downtrend broken?
RNDR was in a clear downtrend the last few months and it seems to be breaking out now (as are most altcoins). There are several ways to draw trendlines. Some people say respect the wicks, some people say get as many touches as possible. I personally don't care about either; I will use trendlines that make the most sense, not the ones that look the prettiest. One thing that can help you draw better trendlines is the bar replay tool. Instead of looking for breakout confirmation, put away the benefit of hindsight and see how your trendline would look had you drawn it at some point in the past.
This is what my chart would've looked like on Jan 10, 2022. All major highs or PPs are taken into account.
What if my chart looked like this instead? I ignored the last high and didn't adjust my trendline to the trend that price is following. This can happen if you're too focused on current price action or if you want the trendline to confirm your bias. That's a big mistake imo. Always respect the trend, otherwise you'll keep falling for fakeouts.
This is the same chart as last one but updated. Last one is only until Jan 10. As you can see, the trendline is implying that we're still in a downtrend and unable to get above resistance. But that's because I never adjusted the slope of the trendline and missed a lower high.
Fibonacci analysis: RNDR has moved above 0.236 level and retested it as support.
I think RNDR can definitely go higher from here but it will depend on BTC's price movement. If you're a newbie trader, don't overtrade, don't overleverage and always use SLs. If you're confused or unsure, take your money and wait for a better day. Never trade without an edge. Good luck!
This is what my chart would've looked like on Jan 10, 2022. All major highs or PPs are taken into account.
What if my chart looked like this instead? I ignored the last high and didn't adjust my trendline to the trend that price is following. This can happen if you're too focused on current price action or if you want the trendline to confirm your bias. That's a big mistake imo. Always respect the trend, otherwise you'll keep falling for fakeouts.
This is the same chart as last one but updated. Last one is only until Jan 10. As you can see, the trendline is implying that we're still in a downtrend and unable to get above resistance. But that's because I never adjusted the slope of the trendline and missed a lower high.
Fibonacci analysis: RNDR has moved above 0.236 level and retested it as support.
I think RNDR can definitely go higher from here but it will depend on BTC's price movement. If you're a newbie trader, don't overtrade, don't overleverage and always use SLs. If you're confused or unsure, take your money and wait for a better day. Never trade without an edge. Good luck!
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