Haha, even this old hand in the market got it right for once today.
$RVN has indeed surged sharply, but the severe overbought reading of RSI 91.5 is hard to ignore. There’s a clear conflict between bullish momentum and overbought conditions. The price has already broken above the upper Bollinger Band, and such a strong rally often needs a pullback. How deep that pullback goes will depend on whether price can hold above EMA7 support.
If it finds support near 0.00255, the bullish structure can continue. But if it breaks below 0.00236, the current bullish thesis is invalidated. In the short term, chasing the rally does carry considerable risk.
For market observation and conditional analysis only; this is not a record of trading activity.
$RVN #永续合约 #市场情绪 #MarketAnalysis
$RVN has indeed surged sharply, but the severe overbought reading of RSI 91.5 is hard to ignore. There’s a clear conflict between bullish momentum and overbought conditions. The price has already broken above the upper Bollinger Band, and such a strong rally often needs a pullback. How deep that pullback goes will depend on whether price can hold above EMA7 support.
If it finds support near 0.00255, the bullish structure can continue. But if it breaks below 0.00236, the current bullish thesis is invalidated. In the short term, chasing the rally does carry considerable risk.
For market observation and conditional analysis only; this is not a record of trading activity.
$RVN #永续合约 #市场情绪 #MarketAnalysis
