Here we have a long opportunity for Ravencoin assuming 310 sat level was bottom. We may see a retest of the 310-320 sat zone, however as of right now the 1D chart is creating higher lows and MACD is looking bullish. This could potentially be the final wave of RVN before another serious correction, which I am assuming will happen as BTC starts to approach $20,000+. Be cautious if you see it break the ascending support trend line. Previous waves took about a month each, however it could take longer/shorter to complete the wave depending on market conditions. The upper trend line wants to intersect with the 1.618 extension at the 4-5 bar mark, so 28-35 days. Again, this is if the bottom has been priced in.
Cases for:
->Volume has dropped off significantly, lowest it has been since early 2019 before we created a new ATH, which means there is a low probability of creating a significant new low.
->Bounce off support trend line that was the catalyst for previous two up waves, indicating bottom may have been found.
->Bullish divergence on MACD, both 1W and 1D.
->Waves 1,3 have taken price to 1.618-2 Fib extension from new bottom.
->Wave 2 lasted 112 days. Wave 4 has been going for over 130 days.
->It appears that no major bag holders looking to exit RVN for BTC are left.
->No dev/founder kickbacks to destroy price over time like most tokens/coins are set up to do with distribution, regardless of market conditions.
->Good chance of listing on Binance US, which could be catalyst for this final major wave.
Cases against:
->Bitcoin has been rallying and could retest ATH at any moment, which could ruin the potential RVN rally as institutional investors have been more centered around accumulating BTC.
->No significant case for alt season yet, and no volume confirming bottom for RVN.
->RVN/USDT pair does not look as good of a setup as RVN/BTC pair does, however it seems to be holding the .618 retracement level if we draw the top where there were a lot of touch points, to previous bottom.
DISCLAIMER: This is not financial advice. It is your responsibility to confirm and decide which trades to make. Trade only with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
Cases for:
->Volume has dropped off significantly, lowest it has been since early 2019 before we created a new ATH, which means there is a low probability of creating a significant new low.
->Bounce off support trend line that was the catalyst for previous two up waves, indicating bottom may have been found.
->Bullish divergence on MACD, both 1W and 1D.
->Waves 1,3 have taken price to 1.618-2 Fib extension from new bottom.
->Wave 2 lasted 112 days. Wave 4 has been going for over 130 days.
->It appears that no major bag holders looking to exit RVN for BTC are left.
->No dev/founder kickbacks to destroy price over time like most tokens/coins are set up to do with distribution, regardless of market conditions.
->Good chance of listing on Binance US, which could be catalyst for this final major wave.
Cases against:
->Bitcoin has been rallying and could retest ATH at any moment, which could ruin the potential RVN rally as institutional investors have been more centered around accumulating BTC.
->No significant case for alt season yet, and no volume confirming bottom for RVN.
->RVN/USDT pair does not look as good of a setup as RVN/BTC pair does, however it seems to be holding the .618 retracement level if we draw the top where there were a lot of touch points, to previous bottom.
DISCLAIMER: This is not financial advice. It is your responsibility to confirm and decide which trades to make. Trade only with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.