Trade Recommendation: Ravencoin | Hacked: Hacking Finance
Ravencoin (RVN/BTC) is another example of what happens to a market after a parabolic streak. On March 3, 2019, it took out resistance of 0.0000057. This triggered the breakout from a large double bottom pattern on the daily chart. The breakout ignited a parabolic run that saw the market climb to as high as 0.00001724 on March 28th. That’s an increase of over 200% in less than a month.
From that point, the market started to correct. It is still correcting but it is now at a price area where bulls can make a stand. If they do, Ravencoin might just keep its uptrend alive.
Technical analysis shows that RVN/BTC is respecting parabolic support of 0.0000057. We have this view because the market refused to go below this level on May 13th. It bounced the next day, May 14th, due to oversold conditions and climbed as high as 0.00000853 on May 16th.
Ravencoin is correcting from that rally currently. Bulls have a great shot to secure that parabolic support with a double bottom pattern on the shorter timeframe. That’s what we’re playing for.
The strategy is to buy as close to 0.0000057 as possible. If bulls can keep the market from falling lower, they will likely generate a rally to our target of 0.00000085. Take that out and the next target is 0.0000104.
The process may take less than a month.
Daily Chart of Ravencoin/Bitcoin on Binance
Summary of Strategy
Buy: 0.0000057
Targets: 0.0000085 and 0.0000104.
Stop: 0.00000542
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.
Featured image courtesy of Shutterstock.
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