Forecasting at the Cross Roads
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Hello Ravencom, I've forecasted two simple charts for Ravencoin (RVNUSD) and Bitcoin (BTCUSD) using the 1Week Time Frame and OHLC (Open, High, Low, Close) Bars with support and resistance. No fancy indicators, this is pure raw forecast with no basting or seasoning. Since RVN follows BTC in most cases, it had failed to break back to the all time highs back in early October 2021 (Circa of 25cents), this has caused it to form an descending/symmetrical triangle. If we break below the 0.08 we might see 0.07x lower 7cents and it will take more time to hit the green resistance. Bitcoin has a problem and that is it has formed a perfect ascending triangle pattern, now many bears want to drop it, but the bulls are refusing so that they keep the chart bullish and intact. There is so much volatility because BTC and RVN are inflationary tokens, but the technical analysis is Bearish for BTC because it's close to the support/trend line just like RVN. I am not sure who will win, but there is so much room for a tail spin for BTC at those levels especially if it breaks below 30K. To cap it off, there is little downside for Ravencoin, I mean we are already at 0.08X and I would be happy to accumulate more of it, but for BTC there is so much work to be done, and I don't know who will win. submitted by /u/Cultural_Traffic_321 |
