RCN: 2/13/2018
2/12/18 (4:40pm EST):
Short Entry (845) Target (500) Stop loss (930) <Possible bear trap>
Logic :
RCN like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.
RCN is approaching all-time lows and recently bounced off 0.11 during last weeks drop. I appears that RCN is creating a price channel but lacks a catalyst to the upside. Furthermore, the main risk to RCN's upside potential is BTC weighing down the market. If BTC drops again, so will alt coins like RCN. I suspect RCN will retest the 0.15-0.16 level and perhaps retest 0.10-0.11 before consolidating. So, short RCN at 0.18 until 0.12 then begin scaling into a long position for another bounce to 0.20 level.
Short Entry (845) Target (500) Stop loss (930) <Possible bear trap>
Logic :
RCN like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.
RCN is approaching all-time lows and recently bounced off 0.11 during last weeks drop. I appears that RCN is creating a price channel but lacks a catalyst to the upside. Furthermore, the main risk to RCN's upside potential is BTC weighing down the market. If BTC drops again, so will alt coins like RCN. I suspect RCN will retest the 0.15-0.16 level and perhaps retest 0.10-0.11 before consolidating. So, short RCN at 0.18 until 0.12 then begin scaling into a long position for another bounce to 0.20 level.
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