This is not financial advice!
RCNBTC has been forming a bit of a cup and handle over the last few months and now coming off the handle were seeing a ascending triangle thats looking bullish!
I expect to see a 2x bounce off the triangle prior to breakout which could be within the next 24-48 hours. This is broad i know, but it should be around May the 4th.
The MACD is showing a bullish crossover - all be it being weak for the time of this TA, but i expect this to strengthen prior to breakout.
Moving onto the RSI we can see a clear uptrend that i hope to see hold.
First target after breakout is between Fib 1977 and 2299.
Thanks for taking a look at this!
RCNBTC has been forming a bit of a cup and handle over the last few months and now coming off the handle were seeing a ascending triangle thats looking bullish!
I expect to see a 2x bounce off the triangle prior to breakout which could be within the next 24-48 hours. This is broad i know, but it should be around May the 4th.
The MACD is showing a bullish crossover - all be it being weak for the time of this TA, but i expect this to strengthen prior to breakout.
Moving onto the RSI we can see a clear uptrend that i hope to see hold.
First target after breakout is between Fib 1977 and 2299.
Thanks for taking a look at this!
Comment:
Rightio!
BTCUSD you really pushed us down didn't you! Either way it appears my initial post on this was cut short (although i was right we didn't breakthrough completely!) and the cup was longer than i had originally charted!
So where are we now? Well, were are actually in the handle now, from the looks of it the base too!
BTCUSD has dipped a fair amount over the last week and in this scenario that's a good thing! Why? Because the correction for BTCUSD could be over which will allow the ALT's to make moves north! But always bear it in mind that BTC's volatility could wreak havoc to ALT's like we've seen each time it moves up or down abruptly and in large movements.
If all goes to plan we should be moving out of the base of the handle and attempt to test and hopefully break the 1800 sats barrier again to hit our T1 of 2000-2150 sats.
Thanks for viewing!
BTCUSD you really pushed us down didn't you! Either way it appears my initial post on this was cut short (although i was right we didn't breakthrough completely!) and the cup was longer than i had originally charted!
So where are we now? Well, were are actually in the handle now, from the looks of it the base too!
BTCUSD has dipped a fair amount over the last week and in this scenario that's a good thing! Why? Because the correction for BTCUSD could be over which will allow the ALT's to make moves north! But always bear it in mind that BTC's volatility could wreak havoc to ALT's like we've seen each time it moves up or down abruptly and in large movements.
If all goes to plan we should be moving out of the base of the handle and attempt to test and hopefully break the 1800 sats barrier again to hit our T1 of 2000-2150 sats.
Thanks for viewing!
Trade closed: stop reached
So, there was a sneaky bit of resistance that has been hit that i missed out on my original post!
We can see that the 1750-1950 range has a little bit of resitance. This is what we've hit as of now. However, the surge in BTC has lead to a sell off of the majority of ALT's including RCNBTC. Thankfully, the shear bullishness of the token and its doubling of 24 hour volume has kept us above the initial breakout point (by a fair amount too!).
I'm looking to see a steady consolidation between 1750-1850 for the next 12-24 hours before the push to our 1st target!
There's always a good chance we can get denied so its good to take profits when they come :)