You guys seem to really love $CRV. My most requested chart. So here's an update.
Last post I mentioned that we were ranging and that a deviation and reclaim below range low would be the long trigger. We got just that.
I use these fibs (which are the -0.25, -0.5, +1.25, +1.5) to identify range deviations. If price cannot escape these range extreme levels, imo its likely range manipulation before a return and re-acceptance into the range, followed by a move to the other side. "Tractor Beam"
I still think the 0.47-0.5 is a key level, which hasn't been tagged and we've left equal lows there. So there is *still* another low possible, but with the recent price action, I think this not likely before tagging 0.7.
TLDR:
- 0.47-0.5 Key Levels still not tagged
- Currently ranging, likely 0.7 is the next destination based on tractor beam range reclaim
- Macro shift happens only above 0.76 so until then, we're trading intra-week.
Will post a more higher timeframe update after we tag 0.7-0.72 OR 0.47-0.5. For now, we trade the range.
$CRV
Not much to update here. We are yet to see a bounce from this major liquidity sweep level.
Local price is ranging within a consolidation so standard range trading rules apply. Deviation of range low and reclaim is your long opportunity. A rinse of the highs first and the current built up lows may serve as liquidity for a final low. Local range breakout target would be 0.7-0.75
If we get a move into the 0.49-0.51 level would look to add spot.
We likely do not confirm a macro reversal on CRV until we accept above 0.75. Whatever your positioning at these levels, whether you are trading intraweek or accumulating with a 6 month time horizon, imo its risk on > 0.75.
But at the moment, just need to have patience while we range and potentially form a bottom. What you -do not- want to do is start being bold, load the truck, but have a misalignment in terms of expectations of time i.e. build a position here and puke it on a move to 0.49 which could be -the- final low. Or the low could be in here. Just be aware of your positioning, expectations, risk appetite and time horizon - as these levels are where you can fuck up for absolutely no reason. Patience.
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