Ravencoin - Potential Wave 5We have been watching Raven for quite sometime, its brought us many 100% gains since Novemeber, Here, we are in a precarious space, but we are looking at a potential wave 5 break out, Its not always exact to use elliot wave theory, so when we are up this high we have super tight stop losses on profits. We are following the meandering 4th wave definition, so we are looking for a breakout, or potential break down here. Even still the 10% ups and downs are like a money making machine for intraday traders.
Rvn
$RVN Retrace in process... Buy the dip (carefully!) $RVN Following the call that more pain was coming and the bounce was more like a dead cat...
~1200sats support was broke to the downside (thanks bitcoin)
I expecting to have some buy opportunities around 1k sats
Will update as soon as I see changes!
#RVN
$RVN Reached 1700 sats & over 400% since UCTS buy signal
~1550sats as support, falling below would be the 1st breaking down in the entire trend up..
Volume looks is falling slowly.
If break happens ~1150sats or 0.5 fib retracement lvl as target.
Bearish divergences everywhere (RSI, MACD, CCI, STOCH etc)
Dont get trap!
#RVN
#Ravencoin $RVN consolidation just below $RVNUSD all time highDuring the process of price discovery when making new highs it is important to reference the RVNUSD chart and not just the RVNBTC chart. This is true especially in times when there is a lot of movement in the BTCUSD price as there has been since the breakout from the lows.
This chart indicates a price target of $0.15 to $0.16 which is a little lower than the target on the other chart. This is likely due to the increase in the value of BTCUSD, which sent RVNBTC and other crypto assets (which surged ahead of BTC) lower in BTC terms.
End of profit taking in #Ravencoin $RVN bounced off 2018 highThe Parabola seen here is a common and fairly reliable bottoming pattern. Bouncing off the high of the previous price surge is also a common and reliable bottoming pattern as resistance becomes support. It is bullish when you see that buyers and sellers are coming into balance above support.
#Ravencoin $RVN wave 4 bottom is in, wave 5 to 3100 - 3600 SatThese estimates are based proportionally in percentage terms on the previous wave pattern seen in $RVN in 2018, this wave pattern appears to be similar but on a larger scale. BTC and ETH made similar moves in their early days. The timeframe is the big question, the volatility in BTC certainly could delay things. The pattern displayed above is invalidated if the price dips much below 980 sat.
Satoshis are more valuable now, this is good for #Ravencoin $RVN...so is increased volume and price action in the cryptosphere. Anyone upset about the RVNBTC chart should take a look at the RVNUSD chart where a new all-time high was set $0.074. As BTC consolidates and likely pulls back a little over the coming days, do not be surprised as altcoins begin to make new highs.
#Ravencoin $RVN back-test of the falling wedge.The Bittrex chart is a little cleaner than the Binance one. I think it is worth paying attention to the RVNUSD chart at this point as Ravencoin enters into price discovery territory. If the price does not break into new highs it looks like it will set into a range between $0.05 and $0.065 .
Same #Ravencoin pattern as 2018 would take price to $0.15 $RVNAs incredible as it may seem it is possible at least that RVN will not stall out at the same USD price as 2018. An analysis of the 2 charts show that the price may have a long way to go if in fact it breaks above resistance over the next week and replicates the same sort of move as it did in 2018.
$RVN tested by $BTC drop to 4 Sidereal EMA Support, now on 1.68 BTC dropped and once RVN was below the 1.68 fib retrace support line many stops were hit and it tested the 2 hour Ichimoku cloud.
It looks like the $0.066 is providing some resistance. I do expect that to be broken over the next few weeks and become support.
$BTC move lowers $rvn $0.066 resistance to 1595 sat #RavencoinBoth the resistance and the target have moved down by about 35 sat based on the Fibonacci retracement levels on the RVNUSD chart due to bitcoin's appreciation against the dollar. That resistance is now right on top of the 30 min cloud and will soon provide support.