2019-7-23 17:31 |
Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame The four-hour time frame shows that a complex inverted head and shoulders pattern is building The daily time frame continues to show the presence of a huge bullish pattern Ravencoin / USD Short-term price analysis
Ravencoin has a bearish short-term bias, with the cryptocurrency trading below its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that a valid inverted head and shoulders pattern has formed, with the RVN / USD pair now dangerously close to invalidating the bullish pattern.
Technical indicators on the four-hour are bullish and continue to issue a buy signal.
RVN / USD H4 Chart by TradingView
Pattern Watch
Traders should note that the RVN / USD pair may be carving out a right-hand shoulder to complete the bullish pattern on the four-hour time frame.
Relative Strength Index
The RSI indicator is also bullish on the four-hour time frame and shows scope for further upside.
MACD Indicator
The MACD indicator is bullish on the four-hour time frame and continues to issue a buy signal.
Ravencoin / USD Medium-term price analysisRavencoin has a bullish medium-term outlook, with the RVN / USD pair still holding above its trend defining 200-day moving average.
The daily time frame continues to show multiple inverted head and shoulders patterns, with the larger pattern holding a huge upside projection.
Technical indicators on the daily time frame are mixed and currently failing to generate a clear trading signal.
RVN / USD Daily Chart by TradingView
Pattern Watch
Traders continue to monitor the neckline of the larger inverted head and shoulders pattern for a major medium-term technical breakout.
Relative Strength Index
The RSI indicator is trading below neutral and remains technically bearish on the daily time frame.
MACD Indicator
The MACD indicator is bearish on the daily time frame and continues to issue a sell signal.
ConclusionRavencoin is still under pressure in the short-term, with bulls needing to stabilize the cryptocurrency above its 200-period moving average on the four-hour time frame.
The daily time frame continues to highlight the presence of multiple bullish patterns, with the RVN / USD pair showing great medium-term upside potential.
Check out our RavenCoin guide for insights.
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