Ravencoin RVN - potential double bottom on BTC pair
Updated
Hi,
this is my first Analysis on Tradingview, so forgive me if some parts are missing. I will keep it short and simple.
I've been trading for ~2.5 years now, relying on "waves" and "Indicators" etc.
But I've had the most success in my journey simply trading supports and resistances over the past weeks.
Sometimes the market gives you the opportunity to long a potential double bottom with low risk that can turn into a huge swing position.
RVNBTC is at this point right now. It may not seem like it at first glance because Binance does not provide full price history of Ravencoin (as it was listed on Oct. 12).
Fortunately, another website provides you with the full history of RVNBTC (see the link attached).
Bottom was 191 sats. We already had a decent bounce at 193 sats yesterday.
So everyone on Binance thinks there is a new ATL, when in fact RVN's lowest support is just under that magical 200 sats.
And I bet there were A LOT of stops under 200, selling right into the buy walls of traders that know the full history of RVN.
There was some Hype around the new mining Algo and people that jumped on the hype train got washed out by the latest move.
This entry right now has one of the best R/Rs in my opinion. Also bullish Divergence on Daily RSI supporting a potential LONG.
I am already in a bigger position from 198 sats and have orders split from 197 to 190 sats. Longing this on Binance margin, as I don't want to deal with Bitcoin's volatility.
I will get out of my position as soon as we get a daily close below 189 sats as there is NO support below that region.
Targets are simple:
T1: 275 (obvious)
T2: 325 (weekly resistance)
T3: 400 (weekly resistance and round number, can got to 407 but wouldn't count on it as the 100 numbers (100, 200, 300 etc) provide resistance because they are "easy" numbers and super close to target)
Hope this will age well :)
and if not, then there's always a next one in this market of nearly infinite opportunities!
Manage risk and this thing can do whatever it wants.
this is my first Analysis on Tradingview, so forgive me if some parts are missing. I will keep it short and simple.
I've been trading for ~2.5 years now, relying on "waves" and "Indicators" etc.
But I've had the most success in my journey simply trading supports and resistances over the past weeks.
Sometimes the market gives you the opportunity to long a potential double bottom with low risk that can turn into a huge swing position.
RVNBTC is at this point right now. It may not seem like it at first glance because Binance does not provide full price history of Ravencoin (as it was listed on Oct. 12).
Fortunately, another website provides you with the full history of RVNBTC (see the link attached).
Bottom was 191 sats. We already had a decent bounce at 193 sats yesterday.
So everyone on Binance thinks there is a new ATL, when in fact RVN's lowest support is just under that magical 200 sats.
And I bet there were A LOT of stops under 200, selling right into the buy walls of traders that know the full history of RVN.
There was some Hype around the new mining Algo and people that jumped on the hype train got washed out by the latest move.
This entry right now has one of the best R/Rs in my opinion. Also bullish Divergence on Daily RSI supporting a potential LONG.
I am already in a bigger position from 198 sats and have orders split from 197 to 190 sats. Longing this on Binance margin, as I don't want to deal with Bitcoin's volatility.
I will get out of my position as soon as we get a daily close below 189 sats as there is NO support below that region.
Targets are simple:
T1: 275 (obvious)
T2: 325 (weekly resistance)
T3: 400 (weekly resistance and round number, can got to 407 but wouldn't count on it as the 100 numbers (100, 200, 300 etc) provide resistance because they are "easy" numbers and super close to target)
Hope this will age well :)
and if not, then there's always a next one in this market of nearly infinite opportunities!
Manage risk and this thing can do whatever it wants.
Note
Here's the link to the full Price History of RVNcharts.cointrader.pro/charts.html?coin=RAVENCOIN:BTC
Note
as the link above somehow doesn't work, here's another onecharts.cointrader.pro/charts.html?coin=RAVENCOIN:BTC:COINPAPRIKA
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