Really interesting long after retest setup here for $CRV
Why a long now and why $CRV ? First of all, we need to compare the CRV chart with the most of other alts:
- no recent LL
- two month of range accumulation
- clear long term support below
- 1D RSI still above 50
These peculiarity let me think that CRV could be in a diferent cycle phase than most of the other alts and deserve a closer look.
On the 3D we can appreciate the long term range accumulation structure, a first breakout and then the retest of the main support, still in progress.
The daily chart shows us the RSI still above 50, a necessarily perequisite for every kind of sustained uptrend movement.
But there's more: a potential three touches / iH&S pattern in the making, with the expected HL above the long term support, a really sensible area for a strong reaction.
Finally, this is arguably the only altcoins with a decent martket cap that already made a 5W movement up and it is now correcting in what seems an ABC down.
This let me think of a potential W1 already completed with a W2 in progress and potentially ending around the support zone.
This trade required patience and to avoid knife catching: if the market moves down, $CRV will follow. However, if then you see a clear reaction near the support while BTC stop correcting, you know that you have a long opportunity here.