Hello, dear TradingView members. This is an RVN idea.
RVN touched the bottom of the channel and pumped 20% up. After reaching the resistance price zone, it has been consolidating ever since above the channel. Will this become a breakout? There are two resistance levels on the way up and also two support levels on the way down. We have two possible scenarios in front of us.
Scenario One: The price will stay above the channel; after confirmation, it will pump back up to retest resistance levels.
Scenario Two: The price will lose strength and fall back inside the channel, which gets rejected by the upper band and continues inside the channel.
RSI is in the oversold area, so the price has room to go down.
Now let's see your ideas. Let's have a discussion.
Let me know if you guys have any questions; I will be more than happy to help.