RVNBTC broke below key level - looking for a support zone.
RVNBTC has broken below and retested the middle line of the triangle formation which has been formed since the low on 26th of June 2019.
This is a clearcut bearish signal and raises the question where the targets are. We could be greedy and take the whole heights of the triangle, showing the target of 300 Sats. However, I have chosen conservative measurements which point out the target and its middle line shown in black on my chart. These, along with the diagonal line in red which forms a major support zone, are valid target zones and should be eyed for potential reversals.
However: It is very likely for RVNBTC to retest the major resistance zone above consisting of the 0.8 retracement which will most likely be a possible zone for a retest in the comming days.
BTCUSD is making some moves and will determine the way to go.
If you would like to know about technical and fundamental analysis please check out George Beaulieu on Youtube.
When considering to enter the trade please be careful and defensive. I prefer to stay on the sidelines until a setup will occur on the monthly chart. The daily and below are considered as market noise, however it is a good opportunity to learn about specific instruments as well as improving the technical analysis, so please leave a comment below or give me the thumbs up if you would like to see more or are willing to share your thoughts about this.
With patience
heish
This is a clearcut bearish signal and raises the question where the targets are. We could be greedy and take the whole heights of the triangle, showing the target of 300 Sats. However, I have chosen conservative measurements which point out the target and its middle line shown in black on my chart. These, along with the diagonal line in red which forms a major support zone, are valid target zones and should be eyed for potential reversals.
However: It is very likely for RVNBTC to retest the major resistance zone above consisting of the 0.8 retracement which will most likely be a possible zone for a retest in the comming days.
BTCUSD is making some moves and will determine the way to go.
If you would like to know about technical and fundamental analysis please check out George Beaulieu on Youtube.
When considering to enter the trade please be careful and defensive. I prefer to stay on the sidelines until a setup will occur on the monthly chart. The daily and below are considered as market noise, however it is a good opportunity to learn about specific instruments as well as improving the technical analysis, so please leave a comment below or give me the thumbs up if you would like to see more or are willing to share your thoughts about this.
With patience
heish