Trade Recommendation: Ravencoin (RVN)
Ravencoin (RVN/BTC) is a solid bottom picking candidate. The market is currently down by close to 80 percent from its 2019 high of 0.00001724 which was posted on March 18th. The sharp descent is not a reason to long the market. However, we are also seeing signs of a bullish insurrection.
Technical analysis shows that RVN/BTC is carving a bottom. We have this view because Ravencoin breached resistance of 0.0000035 on August 23rd. This triggered the break out from a large falling wedge on the daily chart. This wedge has kept the market bearish for over four months. Thus, the breakout should significantly alleviate downward pressure.
In addition to the breakout, we’re seeing a large bullish divergence on the daily RSI. This tells us that momentum is swinging to the side of the bulls.
Lastly, we have significant volume upticks on August 23rd and August 24th. The rise in volume tells us two things. First, we can be confident that the falling wedge breakout is valid as it was pushed by heavy volume. Second, it tells us that buyers are beginning to scale in. The market is now at a price level that attracts buyers.
The strategy is to buy on dips as close to 0.0000035 as possible. If bulls can keep the market from falling lower, they will likely generate a rally to our target of 0.000005. Take that out and the next target is 0.0000058.
The process may take less than a month.
Daily Chart of Ravencoin/Bitcoin on Binance
Summary of Strategy
Buy: As close to 0.0000035 as possible.
Targets: 0.000005 and 0.0000058.
Disclaimer: The writer owns bitcoin, Ethereum, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
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