RavenCoin - RVNUSDT - Phoenix rising from the ashes? Bullish
Updated
RavenCoin is a community driven and a truly opensource project with no pre-mine, ICO etc., built on a fork of Bitcoin code. The project aims to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another.
Ravencoin was one of sensational coins that made the moonshot (RVNBTC) in the early 2019 with an incredible move of over 500% in just a month. RVNBTC has been in steady decline since and has hit its all time low in the last week. RVNUSDT has also been on a decline for a few weeks and the harmonic patterns shown on the Daily Chart suggests a strong move up unless invalidated by a low below the Stop Loss line at 0 Fib level, which will offer strong support. A new high above 0.01487 USDT will definitely confirm a Daily impulse move to test the High Resistance Area of around 0.02 USDT. Price pushing above this zone will validate the Bearish BAT pattern with Exhaustion/Reversal likely at 1.272-1.618 Fib levels. Also, the current Daily CCI (Commodity Channel Index) is above +100 and this move is the first time the Daily CCI crossed +100 since August 2020.
Entry - Under 0.01300
Stop - Based on Personal Risk Strategy/Risk:Reward expectation
Targets - Fib Levels shown on chart (based on Trade Frequency/hold period)
Do Your Own Research on Tokenomics and Project fundamentals to get a good idea about the project and its future potential.
Ravencoin was one of sensational coins that made the moonshot (RVNBTC) in the early 2019 with an incredible move of over 500% in just a month. RVNBTC has been in steady decline since and has hit its all time low in the last week. RVNUSDT has also been on a decline for a few weeks and the harmonic patterns shown on the Daily Chart suggests a strong move up unless invalidated by a low below the Stop Loss line at 0 Fib level, which will offer strong support. A new high above 0.01487 USDT will definitely confirm a Daily impulse move to test the High Resistance Area of around 0.02 USDT. Price pushing above this zone will validate the Bearish BAT pattern with Exhaustion/Reversal likely at 1.272-1.618 Fib levels. Also, the current Daily CCI (Commodity Channel Index) is above +100 and this move is the first time the Daily CCI crossed +100 since August 2020.
Entry - Under 0.01300
Stop - Based on Personal Risk Strategy/Risk:Reward expectation
Targets - Fib Levels shown on chart (based on Trade Frequency/hold period)
Do Your Own Research on Tokenomics and Project fundamentals to get a good idea about the project and its future potential.
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