Since 19 August 2019, big account holders have been accumulating RVN at support level of 296. Soon we're gonna test some long term trendlines. The size of the move will be dependent of the reaction to those trendlines. The advantage of this trade is, given how long RVN has been accumulating, I expect another test of 296, regardless of how bad it could potentially break down (giving a pretty safe trade considering the upsides).
I've put on charts some quick targets. Short term, we should see some resistance around 334 level (given that we'll test trend as well). Closing that, we could see a retest of 375, 417 and finally 462. Passing critical resistance of 462 can lead us as far as 592 level. Let's watch how the trade develops, it could be one of those big trades we see in the market right now, or might need months to mature. No matter how big it goes, this should be a pretty safe trade to take.
I've put on charts some quick targets. Short term, we should see some resistance around 334 level (given that we'll test trend as well). Closing that, we could see a retest of 375, 417 and finally 462. Passing critical resistance of 462 can lead us as far as 592 level. Let's watch how the trade develops, it could be one of those big trades we see in the market right now, or might need months to mature. No matter how big it goes, this should be a pretty safe trade to take.
Comment:
Despite having quite a high entry, the first target is now reached. If you want to stay in the trade for the bigger targets, watch if we can stay above 334 and the reaction to the last trendline.