Cryptocurrencies

RCN technical analysis

RCN seen from the temporality of 1W we can see how the price is in range zone with a prolonged trend since April with offer against the resistance located in the 605, the price has not achieved support this level so it has continued to fall with a small take profit around 500, in this perspective the price has to keep going down, the next support is located at 256, I have also placed a lower support based on the fibonacci tool and drawn the possible trajectory that could follow the price to continue going down, waiting for a pullback below the closest support then make a confirmation test and go long.

RCN seen from the temporality of 1D we can see how the price is making range on a smaller scale between the support located at 344 and the resistance located at 426, for the moment the previous candle has made a hammer, the current candle has marked a higher minimum and a lower maximum forming a symmetrical triangle, this figure will give us the pattern to determine the course of the price, while we do not have a break we can not be sure what will happen in the short term, because within the greater temporality the structure of candles looks bearish within the greater temporality.

In conclusion, we should wait for the break of the symmetrical triangle to take decisions, if the price breaks down we would have a break of the 1D range and we would wait for the price to reach our support located at 256 and wait for the reaction of the market to reach that area, since there is the possibility of a false break with its subsequent pullback to claim the support, if that happens we would have an excellent long entry.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Related posts

Crypto Contest September 9: Status Report XXXII

Markus Aarnio

Investing Principles I Regularly Remind Myself Of

scaredycatguide

Ready for $10k BTC?

Bit Brain

Get involved!

Comments

No comments yet
Skip to toolbar