Ray Coin shows a promising pattern amid market gloom
Updated
Despite market challenges with Mt. Gox and the German government selling Bitcoin, Ray coin could be in the process of forming an ascending triangle pattern. The price action is currently set up as a double top at $2, but a third rejection at this level would turn into an ascending triangle pattern.
Ray could surge if Bitcoin bottoms out after the German government sells it. Measuring from the June 24th low to the $2 neckline, the difference is 64 cents or 47%. Adding this to the neckline gives a target of $2.64, representing a 31% move. This presents a solid risk-to-reward ratio, making Ray a noteworthy watch.
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Ray could surge if Bitcoin bottoms out after the German government sells it. Measuring from the June 24th low to the $2 neckline, the difference is 64 cents or 47%. Adding this to the neckline gives a target of $2.64, representing a 31% move. This presents a solid risk-to-reward ratio, making Ray a noteworthy watch.
Do your own research and proceed with caution. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Note
The breakout will remain in play as long as the price trades above 1.88. What are your thoughts?
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