Greetings,
I’m Tai, you may know me as a creator of Light Shadow Box,
I’m also a Technical Analysis crypto investor, here are some thoughts on PRV price action.
I. PRV price history
Take away: PRV tends to react in some critical price milestones:
- $0.5 - $1 - $1.5 - $2 - $2.5
- each time PRV broke the previous price milestones, it flipped that as support and went higher
- Current price milestone to break: $2.5, as long as PRV broke through $2.5, retested it as support, i believe we would see $3 PRV soon.
Another perspective on this uptrend:
II. Past retracements
We’ve had 3 big retracements at: $1 - $1.5 - $2.5
Take away:
- PRV is maturing by each price jump
- Volume is at peak on this 3rd retracement, but price volatility stays the same (around $0.5)
I do consider PRV is in a healthy uptrend, where it can absorb more trading volume with less volatility.
III. When to buy
In bull market, every retracement can be your buying opportunity
1st thesis:
I’ll load more PRV if it meets $2 again,
If $2 cannot hold, 2nd support can be around $1.5
2nd thesis:
PRV can also react if it meets this trend-line
III. Risks
On 11th Jan, we see a pretty big selling pressure on PRV-USDT,
This can be a first sign of a up-trend ending on PRV, PRV can either go down or side-way consolidations. But still, we have major support ranges as i mentioned above.
It’s all about probability.
[NOT A FINANCIAL ADVICE] the idea is to give some more perspectives for new comers and investors.