RavenCoin - RVNUSDT - Phoenix rising from the ashes? Bullish
RavenCoin is a community driven and a truly opensource project with no pre-mine, ICO etc., built on a fork of Bitcoin code. The project aims to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another.
Ravencoin was one of sensational coins that made the moonshot ( RVNBTC ) in the early 2019 with an incredible move of over 500% in just a month. RVNBTC has been in steady decline since and has hit its all time low in the last week. RVNUSDT has also been on a decline for a few weeks and the harmonic patterns shown on the Daily Chart suggests a strong move up unless invalidated by a low below the Stop Loss line at 0 Fib level, which will offer strong support. A new high above 0.01487 USDT will definitely confirm a Daily impulse move to test the High Resistance Area of around 0.02 USDT. Price pushing above this zone will validate the Bearish BAT pattern with Exhaustion/Reversal likely at 1.272-1.618 Fib levels. Also, the current Daily CCI ( Commodity Channel Index ) is above +100 and this move is the first time the Daily CCI crossed +100 since August 2020.
Entry - Under 0.01300
Stop - Based on Personal Risk Strategy/Risk:Reward expectation
Targets - Fib Levels shown on chart (based on Trade Frequency/hold period)
Do Your Own Research on Tokenomics and Project fundamentals to get a good idea about the project and its future potential.
Ravencoin was one of sensational coins that made the moonshot ( RVNBTC ) in the early 2019 with an incredible move of over 500% in just a month. RVNBTC has been in steady decline since and has hit its all time low in the last week. RVNUSDT has also been on a decline for a few weeks and the harmonic patterns shown on the Daily Chart suggests a strong move up unless invalidated by a low below the Stop Loss line at 0 Fib level, which will offer strong support. A new high above 0.01487 USDT will definitely confirm a Daily impulse move to test the High Resistance Area of around 0.02 USDT. Price pushing above this zone will validate the Bearish BAT pattern with Exhaustion/Reversal likely at 1.272-1.618 Fib levels. Also, the current Daily CCI ( Commodity Channel Index ) is above +100 and this move is the first time the Daily CCI crossed +100 since August 2020.
Entry - Under 0.01300
Stop - Based on Personal Risk Strategy/Risk:Reward expectation
Targets - Fib Levels shown on chart (based on Trade Frequency/hold period)
Do Your Own Research on Tokenomics and Project fundamentals to get a good idea about the project and its future potential.
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