RCN - Bullish reversal pennant pattern
Updated
This is what I see for Ripio Credit Network (see also my latest post on RCN): a bullish reversal pennant pattern.
Price is soon to break out of the simmetrical triangle forming under the flagpole that corresponds to the recent panic sell-off (Binance delisting and other delistings).
OBV on balance volume, after making a deep all time low, is ticking up strong and steady.
This is a high risk play - but I felt enough confident to build up a heavy position in RCN.
Go big or go home.
Price is soon to break out of the simmetrical triangle forming under the flagpole that corresponds to the recent panic sell-off (Binance delisting and other delistings).
OBV on balance volume, after making a deep all time low, is ticking up strong and steady.
This is a high risk play - but I felt enough confident to build up a heavy position in RCN.
Go big or go home.
Note
HOLY COW !! IT HAPPENED 1 MINUTE AFTER MY POST !!
BIG BREAK OUT AND UP 60% !!
Note
Was only a temporary spkike .... more time will be necessary for a break out.Trade active
RCN broke down from the symmetrical triangle !!However I think that this is a FALSE breakdown.... this is even more bullish IF it plays out !!
RCN has very low liquidity ! This is still a very high risk play !!
But I am willing to take it !
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.