Long
RDD approaching key decision point. Huge upside potential!
Reddcoin is a really interesting project and has huge potential in my opinion. It has a really strong following and some great ideas from the dev team, including the Redd-ID which could be a very strong asset in this crypto space.
On the TA side, we see some interesting developments.
The 50 day MA (green) has shown strong resistance and is now forming an interesting pattern.
The 200 day MA has shown strong support and is also forming an interesting pattern.
Both MA’s now converging on the same wedge shape shown in the diagram, which has a key apex decision point approaching soon.
As I have stated before - rarely do we see these patterns hit the actual apex and I expect the market to decide and move strongly before then.
After such as significant move to the downside already, I expect REddcoin to break to the upside and target the next strong resistance level indicated. From there we may see a rejection and then update accordingly. Longer term I see a lot more upside for this project and would hold a position above the 50MA confidently.
Clearly, looking at all options, a break below the 200 MA would be bad news and I would update accordingly.
These are my views, And I trade with my money, not yours. So trade safe!
The Colonel xxx
On the TA side, we see some interesting developments.
The 50 day MA (green) has shown strong resistance and is now forming an interesting pattern.
The 200 day MA has shown strong support and is also forming an interesting pattern.
Both MA’s now converging on the same wedge shape shown in the diagram, which has a key apex decision point approaching soon.
As I have stated before - rarely do we see these patterns hit the actual apex and I expect the market to decide and move strongly before then.
After such as significant move to the downside already, I expect REddcoin to break to the upside and target the next strong resistance level indicated. From there we may see a rejection and then update accordingly. Longer term I see a lot more upside for this project and would hold a position above the 50MA confidently.
Clearly, looking at all options, a break below the 200 MA would be bad news and I would update accordingly.
These are my views, And I trade with my money, not yours. So trade safe!
The Colonel xxx
Note
RDD has now broken out to the downside of this triangle, albeit not with much conviction, the 1D candle for yesterday closing just back inside or on the border. Today’s candle is still flirting with the 200MA and at the moment, still no clear signs here so waiting patiently. I think a lot will depend on BtC movements here, with likely 1 more wave down on BTC to come, perhaps RDD my break lower here. If it can hold out, and BTC breaks to the upside then I would expect some serious upside movement on RDD from these areas.
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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.
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.