During the process of price discovery when making new highs it is important to reference the RVNUSD chart and not just the RVNBTC chart. This is true especially in times when there is a lot of movement in the BTCUSD price as there has been since the breakout from the lows. This chart indicates a price target of $0.15 to $0.16 which is a little lower than the...
Not sure if I would take this long with BTC looking like it could drop any second now. But worth posting this as another opinion :)
The Parabola seen here is a common and fairly reliable bottoming pattern. Bouncing off the high of the previous price surge is also a common and reliable bottoming pattern as resistance becomes support. It is bullish when you see that buyers and sellers are coming into balance above support.
These estimates are based proportionally in percentage terms on the previous wave pattern seen in $RVN in 2018, this wave pattern appears to be similar but on a larger scale. BTC and ETH made similar moves in their early days. The timeframe is the big question, the volatility in BTC certainly could delay things. The pattern displayed above is invalidated if the...
swing target here for sure considering larger structure of rvn and all its pumpage, this would presumably be the bounce before dewm
Market bOught a small bag for risk management purposes. DOnt want to wait for bids to get filled
...so is increased volume and price action in the cryptosphere. Anyone upset about the RVNBTC chart should take a look at the RVNUSD chart where a new all-time high was set $0.074. As BTC consolidates and likely pulls back a little over the coming days, do not be surprised as altcoins begin to make new highs.
The Bittrex chart is a little cleaner than the Binance one. I think it is worth paying attention to the RVNUSD chart at this point as Ravencoin enters into price discovery territory. If the price does not break into new highs it looks like it will set into a range between $0.05 and $0.065 .
As incredible as it may seem it is possible at least that RVN will not stall out at the same USD price as 2018. An analysis of the 2 charts show that the price may have a long way to go if in fact it breaks above resistance over the next week and replicates the same sort of move as it did in 2018.
BTC dropped and once RVN was below the 1.68 fib retrace support line many stops were hit and it tested the 2 hour Ichimoku cloud. It looks like the $0.066 is providing some resistance. I do expect that to be broken over the next few weeks and become support.
Both the resistance and the target have moved down by about 35 sat based on the Fibonacci retracement levels on the RVNUSD chart due to bitcoin's appreciation against the dollar. That resistance is now right on top of the 30 min cloud and will soon provide support.
The reason the 30 min cloud matters here is that we are once again in an exponential curve and the timeframes get shorter and shorter.