$RENDER 24-hour high (has fallen back below the previous high), current price 2.093, previous high 2.143.
Three common moves after a new high:
① Pull back to the previous high, hold above it, then move up another step: the healthiest scenario
② Consolidate near the previous high: digest the move and wait for direction
③ Quickly fall back below the previous high and fail to reclaim it: a bull trap
We’re seeing signs of ③ now. The key is whether it can reclaim the previous high.
Three common moves after a new high:
① Pull back to the previous high, hold above it, then move up another step: the healthiest scenario
② Consolidate near the previous high: digest the move and wait for direction
③ Quickly fall back below the previous high and fail to reclaim it: a bull trap
We’re seeing signs of ③ now. The key is whether it can reclaim the previous high.