pugilist_vc
Short

RCN: 2/13/2018

BITFINEX:RCNUSD   RCN / Dollar
46 views
1
46 0
2/12/18 (4:40pm EST):
Short Entry (845) Target (500) Stop loss (930) <Possible bear trap>

Logic :
RCN like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.

RCN is approaching all-time lows and recently bounced off 0.11 during last weeks drop. I appears that RCN is creating a price channel but lacks a catalyst to the upside. Furthermore, the main risk to RCN's upside potential is BTC weighing down the market. If BTC drops again, so will alt coins like RCN . I suspect RCN will retest the 0.15-0.16 level and perhaps retest 0.10-0.11 before consolidating. So, short RCN at 0.18 until 0.12 then begin scaling into a long position for another bounce to 0.20 level.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out