Ravencoin in a parabolic move
Updated
On the daily chart you can see a clear increase in trend angle to the point that this can easily be called a parabolic move. It could still move higher but as soon as the most recent trend angle breaks to the downside with a candle's open price, we can expect to see retracement to one of the fib levels followed by consolidation before we move higher or break-down.
Seeing the trend angle breaking to the downside, combined with price crossing below the beige 15 candle WMA, is a great pair of confirmations that the price will be on it's way down to the 50%, 61.8% or 76.4% fib retrace levels.
Here's an example with the WAVES/BTC parabolic move that happened recently:
Aside from price, fundamentally I think Ravencoin has one of the most enthusiastic communities and devs of all the mid-cap coins. Therefore there are a lot of reluctant retail buyers that have been waiting for RVN to turn around and go back to the upside like this; so this could mean our parabolic move could be pushed higher still before we see retracement.
Cheers and happy trading!
Seeing the trend angle breaking to the downside, combined with price crossing below the beige 15 candle WMA, is a great pair of confirmations that the price will be on it's way down to the 50%, 61.8% or 76.4% fib retrace levels.
Here's an example with the WAVES/BTC parabolic move that happened recently:
Aside from price, fundamentally I think Ravencoin has one of the most enthusiastic communities and devs of all the mid-cap coins. Therefore there are a lot of reluctant retail buyers that have been waiting for RVN to turn around and go back to the upside like this; so this could mean our parabolic move could be pushed higher still before we see retracement.
Cheers and happy trading!
Note
A new day candle has just opened below the most recent trend angle increase and the stochastic synergy is indicating a change in momentum. Down to 50% or further we go over the next 5 - 15 days! :)Note
Note
Market got excited preventing price from moving down past the 15 WMA. Waiting for the CHOP LRSI to indicate reversal.Note
On the daily we've finally broken the second trend angle line. Complacency period is ending and then more bears to come!Trade closed: target reached
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