Early May Update: Technicals
RVNBTC on a daily doesn’t look good. There is a potential for a bearish descending triangle formation that is about to breakdown and the stop should be at the support line at 657 sats.
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% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. RVN currently has a $657k of buy orders measured with this method, which sets RVN buy support/market cap ratio at 0.37%, a wide-market average. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively. This novel metric indicates there are a lot of manipulations, inflated liquidity and fake orders on all crypto trading pairs,…