CRV is a beast!

22. Juli 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

on DAILY: CRV is forming a channel but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)

Moreover, CRV formed a valid inverse head and shoulders pattern, but it is currently sitting around the 1.5 acting as a resistance.

Thus, for the bulls to take over, we need a momentum daily candle close above the 1.5, which would be a break above the head and shoulders neckline and the upper trendline.

Meanwhile, until the buy is activated, CRV would be overall bearish can still trade lower. (projection in purple)

In this case, we will be looking for buy setups on lower timeframes as it approaches the 0.5 support.

Which scenario do you think is more probable and why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich