letssee
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#corrections are for taking risks.
Yeah, it seems that the market has moments when it wants to tell you: “You are not as smart as you think!”. I know I’m not and this time it was just a reminder that there’s no use in doing all the technical analysis if you don’t really stick with it and take those decisions.
A few days ago I posted about how $ETH is moving inside a descending trend and that it has big chances that once it hits the higher trend line, it will bounce back inside the channel just to consolidate more. Well it did, it also pushed to a nice fakeout just to get rejected on 4700$, taking in the correction of $BTC as well as all the market. Do you think I sold 😂? Well, greed kicked in and I didn’t so I am learning from my own medicine.
Now there is no use in crying over spilt milk so we have to move on and keep playing the game and that’s why #moneymanagement is very important but that’s a topic for another time.
For now, I just want to share a trade I took on $RENDER chart, which I’ve been observing for some time. It is moving inside a triangle since the end of June, with a strong support on the 3.30$ and a strong resistance on 4.15$. Though the market structure right now is not the greatest, considering short time trades, I am in for mid to long term trading, so I am taking a leap of faith below this support, as it is moving to something I hope it’s a fakeout that will bounce either from here, or from the lower trend line. MACD is not great right now but the overall market sentiment is still bullish so why not?
#letssee
Yeah, it seems that the market has moments when it wants to tell you: “You are not as smart as you think!”. I know I’m not and this time it was just a reminder that there’s no use in doing all the technical analysis if you don’t really stick with it and take those decisions.
A few days ago I posted about how $ETH is moving inside a descending trend and that it has big chances that once it hits the higher trend line, it will bounce back inside the channel just to consolidate more. Well it did, it also pushed to a nice fakeout just to get rejected on 4700$, taking in the correction of $BTC as well as all the market. Do you think I sold 😂? Well, greed kicked in and I didn’t so I am learning from my own medicine.
Now there is no use in crying over spilt milk so we have to move on and keep playing the game and that’s why #moneymanagement is very important but that’s a topic for another time.
For now, I just want to share a trade I took on $RENDER chart, which I’ve been observing for some time. It is moving inside a triangle since the end of June, with a strong support on the 3.30$ and a strong resistance on 4.15$. Though the market structure right now is not the greatest, considering short time trades, I am in for mid to long term trading, so I am taking a leap of faith below this support, as it is moving to something I hope it’s a fakeout that will bounce either from here, or from the lower trend line. MACD is not great right now but the overall market sentiment is still bullish so why not?
#letssee
B
RENDER/USDC
Price
3.29
#MediumTermTrading : Possible small down trend forming in $ETH .
Though I remain bullish on the overall market, I can’t ignore the lower highs and lower lows that develop on the medium term in $ETH . We will see if we manage to break the higher limit of this forming trend and then this scenario will be invalidated (hopefully aiming for new highs) or go and test lower supports.
If this scenario will play out, we may need to test the lower trendline, where there should be enough support to try a strong bounce.
#letssee
Though I remain bullish on the overall market, I can’t ignore the lower highs and lower lows that develop on the medium term in $ETH . We will see if we manage to break the higher limit of this forming trend and then this scenario will be invalidated (hopefully aiming for new highs) or go and test lower supports.
If this scenario will play out, we may need to test the lower trendline, where there should be enough support to try a strong bounce.
#letssee
S
ETH/USDC
Price
4,492
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