Introduction

Hello everyone, I hope you're doing well! Today, we're diving into the latest updates on CRV. As discussed in previous videos, CRV recently broke out of a down channel on the daily time frame chart. In this video, we'll take a closer look at the current movements and what we can expect next.

Current Market Overview

In my last video, which was shared two days ago, I highlighted the breakout from the down channel. Let's examine the current live daily time frame chart:

• Breakout Analysis: After breaking out of the down channel, CRV is approaching the downtrend resistance of a massive falling wedge pattern on the 7-day time frame chart.
• Falling Wedge Pattern: On the 7-day chart, CRV is moving within a falling wedge pattern, and it’s approaching the resistance of this wedge.
• Down Channel: At the same time, CRV is also navigating within another down channel. Currently, the price is at the center of this channel and is nearing the long-term resistance level of 38.65 cents.

For detailed analysis, you can watch the below video:

Resistance Levels and Technical Targets

• Long-Term Resistance: The level of 38.65 cents has historically acted as a significant support and resistance level over several months.
• Technical Targets:
  • From Down Channel Breakout: After breaking out of the down channel, the next technical target is approximately 88 cents.
  • From Falling Wedge Pattern: The expected technical target for the breakout from this larger falling wedge pattern is between $6.50 and $7.

Chart Analysis

• Daily Time Frame: Over the past several days, CRV has been moving within a down channel, with a breakout recently observed. After this breakout, the price had a point of rejection at approximately 34 cents but has now surpassed that level.
• Resistance and Targets: The immediate focus is on breaking the long-term downtrend resistance. A successful breakout could lead to testing new highs and hitting the target of around 88 cents.

Conclusion

CRV has recently broken out of a down channel on the daily time frame and is now approaching the resistance of a significant falling wedge pattern on the 7-day chart. The price is also nearing a critical long-term resistance level of 38.65 cents.

Looking ahead, if CRV successfully breaks through these resistance levels, the next technical target is around 88 cents. Additionally, a breakout from the larger falling wedge pattern could see CRV reach between $6.50 and $7. Keep an eye on these key levels as they will be crucial for determining the future direction of CRV.

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