RLCBTC is in downtrend for 2 days and 18 hours with 25% loss. Before that we are had spike with 25% up. Now we are in the same zone of accumulation (channel) that we had been before last spike up. U can see that we have some smart money here because they are hunting stop losses above the channel of consolidation (accumulation).
Also u can see that we are having a RSI bullish divergences. I'm waiting for price goes above the channel, then to touch channel to make a support and then goes up to 2644 (line of the cup and handle pattern on 1D timeframe). After that we will see some retracement, and another bull run to breakout from C&H pattern
Also one good indicator for up from the accumulation zone is EMA bullish crossover. We need to see that EMA 50 will crossover the EMA 200, that will be a good sign.
P.S. Zoom out to see a previous accumulation zone, and the breakout to distribution zone.
Also u can see that we are having a RSI bullish divergences. I'm waiting for price goes above the channel, then to touch channel to make a support and then goes up to 2644 (line of the cup and handle pattern on 1D timeframe). After that we will see some retracement, and another bull run to breakout from C&H pattern
Also one good indicator for up from the accumulation zone is EMA bullish crossover. We need to see that EMA 50 will crossover the EMA 200, that will be a good sign.
P.S. Zoom out to see a previous accumulation zone, and the breakout to distribution zone.
Note
Clearly we see a smart money and market makers in this trade. Two times for now, they are hunting for stop losses (yellow). Now, I'm expecting that we will see breakout from the channel, test channel and make from resistance support, and after that bull run to line of C&H pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.