Long

$RVN / $BTC: Huge consolidation range, breakout time?

Updated

Raven.. everyones favourite hype pump coin.

Its been consolidation in this nice range/channel for ages..

Note that
-Huge bull div on weekly (see comments)
-Possible inverse head and shoulders or cup and handle if the handle forms (see comments)
-At the channel/range support
-Broken all diagnol resistances
-RSI could possibly cross the 50 threshold soon

Note

Bull div weekly

Note

Inverse head and shoulders/ Cup and handle

Note

Alt coins look positive, but have to be cautious of BTC and what its doing.

If BTC has extremely viotality then the alts can just dump off at anytime.

More explained on this idea here:

Note

Descending scallop on RVN, can lead to IHS breakout

Only if we hold 216- a close under that and we can dump off- or the possibility of bouncing a little lower to form the shoulder still of the IHS

Note

Nice shakeout on RVN...

But if you look closely we are
1. Still holding a higher low
2. Forming a morning star reversal
3. Possible 2nd Shoulder of inverse head and shoulders

Trade closed manually

Good result from this trade.

Worth_The_Ri5k

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.