๐ REZ down 18% โ pullback in an uptrend or trend reversal?
Renzo Protocol took an 18% hit today, but here is the interesting part: the daily trend is STILL bullish. This looks like profit-taking, not a breakdown.
๐ The Setup:
โข Price: $0.003996, pulling back hard
โข RSI 4H: 51.4 โ dead neutral, no momentum either way
โข RSI Daily: 69.5 โ still elevated from the prior rally
โข Volume: 2.07x average โ active selling, but not panic
โข SMA7 daily ($0.00358) acting as potential support below
๐ฏ Trade Plan (SHORT โ counter-trend):
Entry: $0.00370 - $0.00430
Stop Loss: $0.00520 (above recent swing high)
TP1: $0.00358
TP2: $0.00347
Confidence: 87%
๐ก Why Short in an Uptrend?
The 4H momentum has flipped neutral, daily RSI is overheated at 69.5, and the pullback has real volume behind it. This is a momentum fade โ catching the continuation of the correction, not betting against the macro trend.
โ ๏ธ Risk: Daily uptrend remains intact. If buyers step in at SMA7 daily, this reverses fast. Keep stops tight.
Do you think REZ finds support here or bleeds further?
#REZ #Renzo #DYOR
โ ๏ธ Disclaimer: This is not financial advice. Counter-trend trades carry elevated risk. Always do your own research and use proper risk management.