REN | 940%+ Bullish Wave Mapped

21 февр.

We have mainly two signals here but we can work with these:

1) Falling wedge pattern
2) Rising vs decreasing volume

The falling wedge pattern can stand on its own as a bullish signal. It denotes a major downtrend and when the action reaches the apex of the pattern, it can signal that a reversal is really close.

As we get to the end of the pattern a new All-Time Low is hit; early January 2024. And this leads to a mixture of volume signals. We have rising bull-volume and very low bear-volume; which is double bullish.

➖ As a new low hits and volume drops, it means the bearish trend is losing strength.
➖ As a new low hits and buy volume increases, it can signal that the low/bottom is close or in. (Because the high buy volume indicates that market participants are buying.)

Both volume signals support the falling wedge pattern as a bullish reversal pattern.

Last week we have a full green candle with a big real body and this week is working as short-term consolidation; this is candlestick reading.

With the low hit in January, this combination of signals are pointing to an upcoming change of trend. It can happen within 1-2 weeks just as it can happen within days.

Good luck and great profits.

Namaste.