RVN/BTC has been moving in a Zig Zag formation with three legs labeled as abc. Currently, the price is approaching the demand zone at 0.00000080BTC, where we expect it to form a double bottom and bounce up.
The immediate demand zone is a key support level that has held in the past, so it's likely that buyers will step in again at this level. Our target for this trade is the supply level at 0.00000278 BTC, which represents a potential gain of about 250% from the current price. This level has acted as a strong resistance in the past, so we expect it to offer some selling pressure once the price reaches it.
If the price breaks below the demand zone, it may signal a continuation of the downtrend towards double bottom level so make sure to use a stop loss to limit your losses.
As always, it's important to manage your risk and use proper position sizing.
Trade active
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Trade active
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Price lost important and immediate support level, this will push RVN down towards the previous ATL to form double bottom.