Ravencoin Parabolic retrace
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As a die hard raven coin fan myself and being a happy investor back in the day to sell on this move. I am suspecting this bearish scenario to play out in the short/medium term, unless it's not done with its move yet but even if it did make new highs i'm convinced we will meet back at around 450 sats. Hence why i sold most of my ravens after we failed to make a new higher high and higher low on the daily at the peak.
A clear Descending triangle pattern with a breakdown level towards 450 sats. Fib retracement from 450 to last peak shows we are currently holding on .05 fib, which is usually the strongest support point in these moves.
Hence there is still a chance we can break bullish out of the triangle, but i'm giving it a low probability, since we keep testing it and fail to make new higher lows. My mind will be changed if the daily trend changes, if not i suspect a very nasty %50+ retracement from these levels.
A clear Descending triangle pattern with a breakdown level towards 450 sats. Fib retracement from 450 to last peak shows we are currently holding on .05 fib, which is usually the strongest support point in these moves.
Hence there is still a chance we can break bullish out of the triangle, but i'm giving it a low probability, since we keep testing it and fail to make new higher lows. My mind will be changed if the daily trend changes, if not i suspect a very nasty %50+ retracement from these levels.
Uwaga
As considered it broke up out of the triangle with conviction, this renders the current descending triangle obsolete and i am aiming for a new ath or at least towards a double top.Uwaga
hindsight looked more like a bulltrap to me, a nasty one indeed. We are well on our way to our target, i expect frontrunning to occur at these levels tho so it might never reach 450, i'm still patient to re-enter for a bigger swing.
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