🔺 RVN's Key Weekly Trend Line Break: Ravencoin (RVN) has broken a crucial trend line in the weekly timeframe. It's been five weeks since the breakout, with a near 40% increase in price since then. However, the main bullish movement is yet to start.
🎯 Weekly Entry Triggers: The entry triggers for the weekly timeframe are set at $0.01946 and $0.02402.
🕒 4-Hour Strategy: In the 4-hour timeframe, a long position can be opened upon breaking $0.01946, with a stop loss below the previous significant low.
🎯 Weekly Target: If the market moves upwards, the weekly target is around $0.07719, equating to an approximate 302% gain. This target is aligned with the trend line breakout.
🛑 Stop Loss Strategy: For the weekly timeframe, the stop loss should be placed in a way that it doesn’t get hit easily during a pullback to the broken trend line. The safest area for a stop loss is around $0.01070, which is about a 40% risk.
📈 Volume Confirmation: It's crucial that the volume increases alongside the price rise for confirmation.
📊 RSI Oscillator: The RSI has broken its trend line and is facing resistance at 53.57 in the weekly timeframe. A break of this resistance could provide an early entry trigger.
📈 Accumulation Zone: The box between $0.01946 and $0.01388 could be considered as an accumulation zone.
⚠️ Bitcoin's Influence: Keep in mind that Bitcoin is entering a liquidity zone and may face a downturn, which could affect RVN.
🔑 Related Categories:
Trend Line Breakout
Entry and Exit Strategies
RSI Analysis
📣 What are your thoughts on RVN’s potential? Share your strategies and insights! 💬🌐 #RVNAnalysis #CryptoOpportunities #TradeCityPro
📚 Remember: Cryptocurrency trading involves high risk and volatility. Always do thorough research and consider market conditions! 🧠💼