๐ท๏ธ #render had previously broken out above the descending trendline marked by the blue line on the daily timeframe. However, it failed to hold during the re-test and has since fallen back below the blue line. This suggests that the breakout has not been confirmed and caution is warranted in the short term.
๐น If the price can reclaim the blue line and establish support above it, the next resistance levels according to Fibonacci are indicated by the yellow lines.
๐น Otherwise, if downward pressure continues, the price may retest support levels again.
๐ Technical Indicators:
โ MACD: Still below the signal line, but the histogram shows weakening bearish momentum a potential early reversal sign.
โ ๏ธ RSI: Trading below 50, indicating indecision and weakness in bullish strength.
โ Stochastic RSI: Has crossed upward from the oversold zone, which may suggest a bounce is coming.
โ ๏ธ Volume: The initial breakout occurred on low volume, raising doubts about its sustainability.
โผ๏ธ This is not investment advice.
