Hello Friends,
Just like the title says, we have possibly begun wave #3 within this weekly elliot wave cycle.
There are some interesting points to make here about the indicator and oscillator on the weekly chart. I haven't included the RSI but have noted that the RSI is in the neutral zone. As seen on this chart we have a strong bullish divergence between the CMF and OBV. Wave #2 has retraced to exactly to the 0.0168 fibonacci level and began to make progress upward. The other interesting point is that the fib bounce is in concert with the 20 EMA. So the 20 EMA is acting as support for right now. Take note that the current Japanese Candle is showing a bullish hammer candle within the buy zone of the recent retracement on this chart. Elliot wave #2 has also created a descending price channel which is also bullish.
I have supplied the support along with the stop loss if anybody is interested in this trade. In addition to that I have giving a forecast of where RVN might go within the acceptable fib levels. Wave 3 may only make it to fib 1.618 which will affect wave 4 and 5; keep that in mind, and watch carefully as we approach this level.
Details on the Chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Just like the title says, we have possibly begun wave #3 within this weekly elliot wave cycle.
There are some interesting points to make here about the indicator and oscillator on the weekly chart. I haven't included the RSI but have noted that the RSI is in the neutral zone. As seen on this chart we have a strong bullish divergence between the CMF and OBV. Wave #2 has retraced to exactly to the 0.0168 fibonacci level and began to make progress upward. The other interesting point is that the fib bounce is in concert with the 20 EMA. So the 20 EMA is acting as support for right now. Take note that the current Japanese Candle is showing a bullish hammer candle within the buy zone of the recent retracement on this chart. Elliot wave #2 has also created a descending price channel which is also bullish.
I have supplied the support along with the stop loss if anybody is interested in this trade. In addition to that I have giving a forecast of where RVN might go within the acceptable fib levels. Wave 3 may only make it to fib 1.618 which will affect wave 4 and 5; keep that in mind, and watch carefully as we approach this level.
Details on the Chart.
This is my viewpoint and my opinion. I am not giving advice but only sharing what I see. Do not enter a trade on my TA but do your own homework.
Cryptocurrency is volatile and very risky. Never invest what you can't afford to lose and always educate yourself and continue to do so when making any kind of investment.
If you find this information helpful, then please hit the like button. Your support is appreciated. Thank you!
CYA on the next one...until then, the trend is your friend. Buying on the dip and selling on the hype.
Cheers!
Trade active:
Adjustments made to above chart. Nothing changes but a few minor details. Click chart below for more info.
Comment:
Wave 3 fib up close.
Trade closed manually
