I've been long BINANCE:RLCBTC for a while now. It's safe to say that I've taken a beating since late January. This issue was only exacerbated by the COINBASE:BTCUSD downward trend. However, I'm seeing a potential trend reversal in the charts! So let's break this down.
BINANCE:RLCBTC has tested the black curved line FOUR times since the spike in late January. To me, it looks like the bears are tired. We see that the RSI is showing that BINANCE:RLCBTC was oversold when it hit the black resistance line for the fourth time. Right before this, we saw the downward channel established from the spike and the high on the 13th of February. My only hesitation is that we're not seeing a strong rally nor a strong volume over the past couple of days. Hopefully, we'll see this in the next coming days. If we do, I think that we'll see a strong bullish rally and the establishment of an upward-sloping channel.
I'm long-term bullish about BINANCE:RLCBTC, but I'm now short-term bullish as well. I'm tired of taking a beating on this coin, aren't you? The next few days will be telling, so stay tuned for my updates on BINANCE:RLCBTC. If I'm right, that's great for all of us and I'll continue to track the reversal. If I'm wrong, I think we can all learn a bit about the potential failings of technical analysis.
I'd like to hear your thoughts on BINANCE:RLCBTC! Is this the end of the downtrend? Or will we see BINANCE:RLCBTC continue to lose ground to COINBASE:BTCUSD? Please comment below, as the more input we see, the more informed we are!
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
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Quick update on this chart. RLC is still within the upper part of the downward channel MACD is converging back to zero and RSI is back in the middle of the purple zone. I'd say hold right for the next day, but I think we'll see RLC continue to dip.
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Huge volume spike and price increase bouncing right off the line that I drew. Expect a retrace after it hits the max, hopefully, this establishes an upward trending channel.
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Also, RSI is showing overbought now, so the retrace is coming soon
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We're following the parabolic line here. A continuation of this would indicate a potential establishment of an upward-trending channel!
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So we had a huge volume spike with a very quick recovery. Possibly a P&D? We've broken the downward channel But looks like we might re-enter.
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I'm keeping my eye on RLC for the next couple of hours. We're testing the channel and the RSI is showing slightly oversold here. If it re-enters the channel, I think we'll continue to see it lose ground to BTC.