RVN has had a great uprun last few days after being added to Binance. I've scalped the momentum here a there a bit and it has finally topped (at least for some time). RVN made a higher high while MACD made a lower high showing a bearish divergence, meaning that price is being pushed up by declining momentum and this was an early sign of weakness. I've tried to do some wave counting to look for ideal entries based these points as shown in the chart. Fibonacci support at 780-805, ideal entry based on support line from (2) to (4) and 50% of the last wave at 701.
One can try to swing trade if it price hits certain Fibonacci levels but best would be to wait for the uptrend lines to be hit.
In this chart, I compared the early uptrend to DATA's price uptrend to understand for what structures/signals we are looking before buying or selling. "Let's break down how we want to trade a similar move. This is how I would trade RVN compared to DATA uptrend example. We looking for wave structural support levels to buy and wedge support trendlines."
Trade with care, Buy Red Sell Green, don't fomo. Good luck! -TheTrex
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Trend nearing the major support zone around 700.
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Fractal target, 8H30 until time-target should be hit.
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There she goes!
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Stoploss got hit after a failed rally which looked promising, re-entry at 631 (61.8% retracement for this wave).