• The short-term is in a bullish trend while the medium-term outlook is in a range-bound market.
• Patience should be exercised during this period.

RVN/USD Medium-term Trend: Ranging

Supply zone: $0.07000, $0.08000, $0.09000
Demand zone: $0.01600, $0.01500, $0.014000

RVNUSD remains in a range-bound market in the medium-term outlook. The downward momentum within the range predicted on 8th July article did occur. The bears' pressure was strong leading to the break of the lower price range at $0.04800.

Price dropped further to $0.04547 but closed with wicks within the range. The bulls gradual returned was evident with the formation of the bullish spinning top as the market ended on a bullish note during yesterday session.

The bullish momentum within the range was sustained as the market opened today at $0.05017 with the 4-hour closed as a bullish spinning top an indication of bullish continuation within the range.

The stochastic oscillator signal points up at 65% suggesting upward momentum within the range.

$0.05800 is the upper supply area while $0.04800 is the lower demand area of the range. Patience should be exercised for a breakout at the upper area or a break down at the lower area with a retest before a position is taken.

RVN/USD Short-term Trend: Bullish

After a push to $0.05183 in supply area as yesterday session ended, a market correction is most expected as the bears stage a comeback as the market opens today at $0.05070. RVNUSD fell to initially to $0.05075 which was at the 50.0 fib area.

A pushed to the 61.8may occur as correction of the impulsive movement continues in the short-term before the resumption of bullish continuation.

Price is down to $0.04807 below the two EMAs and the stochastic oscillator signal points down at 41%, suggesting downward momentum in price as bears target $0.04788 in the demand area, before exhaustion and bulls return.

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