RCN: 2/13/2018
2/12/18 (4:40pm EST):
Short Entry (845) Target (500) Stop loss (930) <Possible bear trap>
Logic :
RCN like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.
RCN is approaching all-time lows and recently bounced off 0.11 during last weeks drop. I appears that RCN is creating a price channel but lacks a catalyst to the upside. Furthermore, the main risk to RCN's upside potential is BTC weighing down the market. If BTC drops again, so will alt coins like RCN. I suspect RCN will retest the 0.15-0.16 level and perhaps retest 0.10-0.11 before consolidating. So, short RCN at 0.18 until 0.12 then begin scaling into a long position for another bounce to 0.20 level.
Short Entry (845) Target (500) Stop loss (930) <Possible bear trap>
Logic :
RCN like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.
RCN is approaching all-time lows and recently bounced off 0.11 during last weeks drop. I appears that RCN is creating a price channel but lacks a catalyst to the upside. Furthermore, the main risk to RCN's upside potential is BTC weighing down the market. If BTC drops again, so will alt coins like RCN. I suspect RCN will retest the 0.15-0.16 level and perhaps retest 0.10-0.11 before consolidating. So, short RCN at 0.18 until 0.12 then begin scaling into a long position for another bounce to 0.20 level.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.