RCN: 2/13/2018

17 0 1
2/12/18 (4:40pm EST):
Short Entry (845) Target (500) Stop loss (930) <Possible bear trap>

Logic :
RCN             like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.

RCN             is approaching all-time lows and recently bounced off 0.11 during last weeks drop. I appears that RCN             is creating a price channel but lacks a catalyst to the upside. Furthermore, the main risk to RCN's upside potential is BTC             weighing down the market. If BTC             drops again, so will alt coins like RCN             . I suspect RCN             will retest the 0.15-0.16 level and perhaps retest 0.10-0.11 before consolidating. So, short RCN             at 0.18 until 0.12 then begin scaling into a long position for another bounce to 0.20 level.
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