$RAVE
Strategy: SELL (stay short)
Entry: 6.28 - 7.50
Stop loss: 10.60
Take profit 1: 5.00
Take profit 2: 4.00
Take profit 3: 3.00
I told you, $RAVE showed signs of weakness when it was at 25 USDT and was rejected at 28.30. Now RAVE has collapsed to 6.28 USDT, a drop of -69.69% from its peak. The price of RAVE is well below all its moving averages: MA(7) at 10.52, MA(25) at 20.18, and MA(99) at 16.75. The RSI(6) of RAVE is at 12.94, in the extreme oversold zone, but this does not mean an immediate bounce in an asset that is in free fall. The volume of $RAVE also fell to 1.13M compared to its MA(5) of 3.66M, indicating that no one is buying the dip. For a new short entry in RAVE, you can enter now at 6.28 or wait for a small technical bounce towards 7.50. The stop loss is set at 10.60 (above MA(7)). The targets for RAVE are 5.00, 4.00, and 3.00.
Strategy: SELL (stay short)
Entry: 6.28 - 7.50
Stop loss: 10.60
Take profit 1: 5.00
Take profit 2: 4.00
Take profit 3: 3.00
I told you, $RAVE showed signs of weakness when it was at 25 USDT and was rejected at 28.30. Now RAVE has collapsed to 6.28 USDT, a drop of -69.69% from its peak. The price of RAVE is well below all its moving averages: MA(7) at 10.52, MA(25) at 20.18, and MA(99) at 16.75. The RSI(6) of RAVE is at 12.94, in the extreme oversold zone, but this does not mean an immediate bounce in an asset that is in free fall. The volume of $RAVE also fell to 1.13M compared to its MA(5) of 3.66M, indicating that no one is buying the dip. For a new short entry in RAVE, you can enter now at 6.28 or wait for a small technical bounce towards 7.50. The stop loss is set at 10.60 (above MA(7)). The targets for RAVE are 5.00, 4.00, and 3.00.