RVNUSD looks for a better support zone. Where are the targets?
Hi,
In the past days RVNUSD has broken out of the consolidation and is now retesting the .78 of the rally.
Typical for a confirmation is a break above or below a valid resistance or support and retest to confirm its value in the market.
Exactly that has happened yesterday and we have seen a volatile answer to the retest of the intersection between the boarder of the consolidation and the 0.78 line of the small move to the upside which took place after the flat correction of the rally earlier this year.
To find out where the price is moving to we simply measure the heights of the consolidation and project it at the place where the breakout occured. The middle line is a target as well as other valid support zones in that area. These are in the first place monthly support zones and fibonacci retracements of the rally as well as the target zones of the consolidation.
The intersection between them can give good opportunities to spot opportunities to sell or to buy since they are often the places where reversal or continuation patterns are formed.
Before entering a trade wait until the common centre line is broken and check the fundamentals and the market before entering the trade. I advise to use a top-down strategy as well as multiple timeframes to perform well in the markets.
If you would like to learn more about technical analyses please check out George Beaulieu on youtube.
Thank you very much for reading and f you would like to see more analyses about this particular instrument please give the thumbs up or let me know what you think in the comments below.
Be happy and trade with care
Heish
In the past days RVNUSD has broken out of the consolidation and is now retesting the .78 of the rally.
Typical for a confirmation is a break above or below a valid resistance or support and retest to confirm its value in the market.
Exactly that has happened yesterday and we have seen a volatile answer to the retest of the intersection between the boarder of the consolidation and the 0.78 line of the small move to the upside which took place after the flat correction of the rally earlier this year.
To find out where the price is moving to we simply measure the heights of the consolidation and project it at the place where the breakout occured. The middle line is a target as well as other valid support zones in that area. These are in the first place monthly support zones and fibonacci retracements of the rally as well as the target zones of the consolidation.
The intersection between them can give good opportunities to spot opportunities to sell or to buy since they are often the places where reversal or continuation patterns are formed.
Before entering a trade wait until the common centre line is broken and check the fundamentals and the market before entering the trade. I advise to use a top-down strategy as well as multiple timeframes to perform well in the markets.
If you would like to learn more about technical analyses please check out George Beaulieu on youtube.
Thank you very much for reading and f you would like to see more analyses about this particular instrument please give the thumbs up or let me know what you think in the comments below.
Be happy and trade with care
Heish
Comment:
Sorry I am talking about RVNBTC in this chart, not RVNUSD .