• The short-term is in a downtrend while the medium-term outlook is in a range-bound market.
• Patience is required trading the consolidation.

RVN/USD Medium-term Trend: Ranging

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

RVNUSD continues in a range-bound market in the medium-term outlook. The weekend witnessed another round of sideway session with $0.05298 as the high while $0.04904 was the low within the range.

Today’s 4-hour opening candle with price at $0.05142 was an inverted pinbar indicating bears continuity. The cryptocurrency dropped to $0.04904 although price was briefly up at $0.05234.

Price is below the two EMAs and the signal of the stochastic oscillator points down at 22% suggesting downward 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: Bearish

$0.05000 in lower demand area of the range was broken after today’s opening with a large bearish candle as the coin fell to $0.04917 but the candle closed within the range suggesting exhaustion as the bulls pushed price back up to $0.05075.

Increased pressure from the bears broke lower demand the second time, retested it and made its journey down south.

Price is down to $0.04919 below the two EMAs and the stochastic oscillator signal points down at 20%, suggesting downward momentum in price as bears target $0.04900 in the demand area.

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