Hello guys, In my post, I will discuss trading opportunities for RVN coins on the futures market. In each of my posts, I discuss technical analysis. Let's get into the discussion.
In the picture above, we see the pattern that is formed, and this pattern is called the falling wadge pattern. Now, in conditions like this, we, as traders, both in the spot market or in the derivative market, will plan to make a buying position, but we must describe it in as much detail as possible to find a good position to be the location of our entry position in that market.
After seeing the price has broken the upper line, usually the price will go down to retest, at which price the price will be the pedestal to continue rising higher than the current price. Usually, the price will retest the price near the trendline line where there is strong demand in the area, so that the price is able to make a previous increase.
in the picture below I find the demand zone area that I marked. Where when in that area the price has increased significantly upwards.
Since the area has not been tested by price, our job is to find the best position to enter an entry position in that area. And here I use Fibonacci retracement and find the golden ratio area of 0.618 in the demand zone.
After finding a suitable position, I went back to using fibo 0.50 and 100 to take a precise position. This is usually called a conservative position entry, and I am a conservative trader. As seen in the picture below, I took area 50 as my entry point. and set a stop loss below it, as shown in the image below.
and here I get a pretty big opportunity. That is 1 to 4.8. But keep in mind that the analysis can be wrong, so I suggest you use my small risk to minimize losses, because this analysis is more directed at the derivatives market. For the entry position, you can see this detail.
Entry : 0.03695$
Stoploss : 0.03625$
Takeprofit : 0.04035$
Here I use chart data from the bybit market, so if you use other markets there may be differences in entry, stop loss, and takeprofit prices.
That's all for my article. Thank you for reading this post to the end. I hope you get useful insights. See you in the next post.