Is RavenCoin ready to break out of its weekly channel against BTC ? Huge gains possible if it does break !

Is RavenCoin ready to break out of its weekly channel against BTC ? Huge gains possible if it does break !

By Djordi | DJCrypto | 14 Feb 2020


Hi everyone,

Ravencoin compared to BTC is currently testing once again the top of the channel it is in since June/July 2019 and hopefully this time it is going to break. Chances are higher this time since we have seen amazing gains for altcoins compared to Bitcoin these last weeks. It has tested the top of the channel three times already and this is the fourth attempt. This channel seems pretty legit, because you can see equally quite some touches on the bottom of the channel. RavenCoin is currently number 39 on Coinmarketcap.com with a market cap of 219 million $.

I am following RavenCoin for a while now for trading purposes and this altcoin can have huge gains if it manages to break this channel to the upside. Here is an image of a weekly chart compared to BTC :

351665157-56c7a81fb7da4d8f9ea2a344e51b72af0df6143250c6f954277957b08eee1838.png

You can clearly see the channel it is in and if we manage to break it to the upside, it is possible to reach targets like 439 Sats, 513 Sats, 572 Sats, 643 Sats, 717 Sats and if we get lucky even 1482 Sats !

If you want to play it safe you wait until this breaks to the upside and retests the channel line for support (the top of the channel of course). Once support is holding, you can enter this trade for some interesting gains. Do not forget to set stop-losses of course to minimize your losses in case it breaks back down ! Furthermore this is a weekly chart so this might still take weeks before things play out.

This is not financial advice and I am not financial adviser. Please do your own research and make your own decisions.

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Djordi
Djordi

I am Djordi van Kampen and I live in France. 2017 was the year I learned for the first time about cryptocurrencies and I am intrigued by what it can accomplish in this world, for the better of course !


DJCrypto
DJCrypto

Crypto enthusiast that would like to share his experience in the market in terms of investing and trading. Also travels a lot and likes photography and minerals.

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