RACA forming double bottom. The way is up.
RACA has reached the trend line on the daily and 4h charts.
After forming a head and shoulders between the 9th and 18th November (When it reached the ATH), we've been RACA following most of the market and losing over 50% of its value in the past 2 weeks.
After the head and shoulders, the correction was further confirmed with a double top (4h chart) that brought the price down.
Over the past few hours price reached the 0.786 Fibonacci level and bounced.
We are now facing some resistance at $0.0049 that should bring the price down and retes the trend line. We should form a double bottom (W pattern) that will be our trend reversal confirmation.
Resistance levels to watch:
$0.0055
$0.006
Fibonacci level 0.618 roughly at $0.0069
In my opinion, the way is up and RACA will be retesting ATH POSSIBLY reaching $0.012 or even $ 0.016.
All these actions are dependant on BTC performance. Be aware.
After forming a head and shoulders between the 9th and 18th November (When it reached the ATH), we've been RACA following most of the market and losing over 50% of its value in the past 2 weeks.
After the head and shoulders, the correction was further confirmed with a double top (4h chart) that brought the price down.
Over the past few hours price reached the 0.786 Fibonacci level and bounced.
We are now facing some resistance at $0.0049 that should bring the price down and retes the trend line. We should form a double bottom (W pattern) that will be our trend reversal confirmation.
Resistance levels to watch:
$0.0055
$0.006
Fibonacci level 0.618 roughly at $0.0069
In my opinion, the way is up and RACA will be retesting ATH POSSIBLY reaching $0.012 or even $ 0.016.
All these actions are dependant on BTC performance. Be aware.
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