Early May Update: Technicals
RVNBTC on a daily doesn’t look good. As charted in our last time, there was a bearish descending triangle formation that broke down and RVN plunged below the support at 860 sats. It is now heading down to the next support line at 657 sats.
Considering that market is completely focused on bitcoin’s fight with the $6k height, altcoins are rotting on the racks and waiting for their season to commence. While that wait goes on, RVN and other altcoins slowly lose value to BTC and go back to their all time lows. Entering RVN right now would be synonymous to catching a knife as there seems to be a lot of room to travel downwards before hitting the support and rebound zones.
One thing to bear in mind is the turbulent and erratic nature of bitcoin – a sudden thrust up or slide down is always on the cards which would invalidate this and all other analysis and predictions. In such cases, market is shaken up with most traders exiting altcoins and entering bitcoin positions, especially in the initial phases of bitcoin pumps. So it is always good idea to keep a close eye on bitcoin’s behaviour before opening a long or a short on any other coin in the market.
Should this happen, stop by again to check out our updated charts and thoughts.
Trading volume is okayish – reported volume in the last 24hrs is $10m and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is of course lower but not by much and it amounts to $5m. This means that RVN’s liquidity is only slightly inflated and its trading volume is overstated by 2x which is comparatively great ratio.
Moreover, RVN has an averagely strong buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10%…