Just a quick chart to show some of the support areas for RVN.
- 530 Sats is the only area that was tested twice
- 530 Sats is also at the 68 retracement range
- 4 hour MACD has crossed bearish
- Daily RSI will be out (14 bars) in a day or two so if it does manage to stay at current levels or moves up from there it will be severely overbought
These are the wedges I'm currently keeping an eye on. Sideways trading can still go on for another week or so, I'm waiting patiently and being leary of traps. Prepared for a move in either direction.
Green wedge crux is around the 12th
Red wedge crux is around the 18th
I've been waiting for a chance to get my 40,000 yoyo traded for the Binance contest (missed the boat on that) but noticed this set up since I had it on my radar.
Why I like it:
Just bounced off a key support level
Things to watch for:
Macd is increasing but looks indecisive
Volume is super low today
Bearish engulfing forming on the daily (especially if it goes another leg down) at what appears to be a bear flag on the daily. Today already has average daily volume and we have nearly 8 hours left (something like Aug 8th and 10th's volume). I really think BTC is heading for 5200-5400 range for the next flush out. Your alts will get destroyed if t his happens. ...
Guys, I really think ALTS just "pumped" today because they simply needed to. It wasnt news or a slew of new retail/commercial investors coming on board. RSIs were oversold on the daily for nearly all alts. BTC price and dominance have stayed roughly the same while alts have gone up over 30% in the past two days. I think today was just oversold RSI pump and BTC is...
That green line is the 50 MA. This chart is in months. If this were a newly released ICO on Idex with that chart....would you buy right now? Until there is a REASON why there is NEW $ coming in it's just hopium.
EVERYONE is thinking there will be a short squeeze. It's all anyone is talking about anywhere. Do not assume twitter is giving you the correct info. Remember when they told you everything would be ok and to HODL back in April?
I personally am have my limit buys layered in from 5800 to 5000. We are in a downtrend and nothing is indicating a change in direction. Bearish til I see something that indicates a clear change in trend and Bart Simpson patterns aren't doing it for me. Please leave a like if you agree, it gives me dopamine and I love that sh*t. Oh yeah, incase you haven't figured...
1/2 hour chart here, circles on volume clarify my thought process. I'm still firm in my bear stance until we see what happens at $5800. Please leave a like and subscribe if you agree, it gives me dopamine boosts and I like that.
I'm short for the following reasons:
Total Market Cap is declining as per CMC.com which shows me more people have switched back to fiat due to lack of interest at these prices.
Volume is declining.
MACD is also looking very much like it might role over
There is no bear alive that doesn't want to test that 5800$ level again and they will not convert to bulls...