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RVN/BTC TA Update (Market Structure Broken?)
RVN/BTC
RVN broke a key support area at 292 sats which invalidated the current market structure.
By breaking key support levels especially if the area of confluence that acted as strong support for many months.
This signal a strong bearish momentum resulting in another market structure to be developed again for the next 1-2 months.
The RSI hasn't reached oversold levels yet, we may still see further selling pressure down to 260 sats area.
Do not try to catch the bottom, most often the price will go down further if they are no buyers present at key levels.
RVN broke a key support area at 292 sats which invalidated the current market structure.
By breaking key support levels especially if the area of confluence that acted as strong support for many months.
This signal a strong bearish momentum resulting in another market structure to be developed again for the next 1-2 months.
The RSI hasn't reached oversold levels yet, we may still see further selling pressure down to 260 sats area.
Do not try to catch the bottom, most often the price will go down further if they are no buyers present at key levels.
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