RVN seen from the temporality of 1D we can observe how the structure of candles remain within an inverted ascending wedge, this type of bullish setup is very common to see them at the beginning of a new bullish wave, within this setup the structure of candles are contracting within a small channel, while the volume is increasing, which ends up causing the breaking of the figure with an accelerated bullish movement.
We can observe how the current candle is testing the resistance located at 889, should not have major problems to overcome this position, our first take profit is located at 1580, the second take profit is located within the range of 3272 – 3374.
RVN seen from the 3D temporality we can observe the break made by the previous candle, this has caused the current candle to take momentum by increasing the volume by the incorporation of new bulls, the current session of the candle ends today, so it is very possible that we see a strong bullish movement at the beginning of the new session.
RVN seen from the 4H temporality we can observe more closely as the price is contracting inside the figure, also something important to note is that it has formed an HH with pullback confirmation towards the area indicated in the chart above inside a gray rectangle, I have also indicated inside a circle the strong volume entry that is accompanying the current bullish movement.
RVN seen from the temporality of 1H we can observe the formation of a symmetrical triangle, this type of bullish pattern occurs when the price meets high and relative minimum, the minimum are higher and higher while the maximum are lower and lower, this is a sign that the bearish position is losing strength while positions in lengths increase their strength which ends up breaking the figure to the rise.
In conclusion, RVN maintains a strong bullish movement with an excellent accompaniment of volume, the price should begin to rise in the next hours, as soon as the price breaks the figure, the movement will be more accelerated, it is very possible that in this same week the price reaches our first take profit, it is a good moment for long positions.
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
Get involved!
Comments