• The short and medium-term outlook is in a bearish trend.
• Selling may be considered at key supply areas.

RVN/USD Medium-term Trend: Bearish

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

RVNUSD continues in a bearish trend in the medium-term outlook. The 38.2 fibs predicted was attained as the bullish momentum continues to $0.04481 in the supply area before the momentum was lost. The close of the candle as an inverted pin bar suggest bearish continuation with $0.03804 in the demand area as the low of yesterday session.

Today 4-hour opening candle at $0.04297 closed as an inverted hammer after a minor push to $0.04509 in the supply area which is the 38.2 fib area, a trend continuation zone. The cryptocurrency was down to $0.04081as the journey down south continues.

Price is below the two EMAs and the signal of the stochastic oscillator points down at 57% implying a downward continuation in price movement. $0.03663 in the demand area is up for a retest and subsequent breakdown.

RVN/USD Short-term Trend: Bearish

$0.04520 has been a key supply area with aggressive reaction by the bears in pushing price down. After today’s opening at $0.04327 the bulls manage to push the coin into the key supply area at $0.04509 and closed with a wick denoting exhaustion as the bears stage a comeback.

The cryptocurrency fell initially to $0.04172 and later to $0.04081 breaking the support at the two EMAs.

The bears may sustain the momentum down south as confirmed by the signal of the stochastic oscillator points down at 21% suggesting a downward momentum in price in the short-term. $0.03800 in the demand area is on the cars as the pressure on the coin by the bears gets stronger.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.