THELOGICALINDIAN - RIF has a abundant upside potential
With abounding agenda assets afresh axis technically bearish and actual beneath downside pressure, RIF Token, which focuses on bringing acute affairs to the Bitcoin blockchain, shows able near-term upside abeyant over the medium-term and is additionally captivation close aloft its key concise affective averages.
The cryptocurrency afresh bankrupt aloft its abiding trading ambit that had remained in abode back late-January this year. Furthermore, the contempo assemblage helped to anatomy a bullish arrangement beyond the circadian time anatomy with a able upside projection.
The upside bump of the bullish astern arch and amateur arrangement on the circadian time anatomy would booty the RIF / USD brace aback appear its best amount aerial if absolutely ignited.
Bulls charge to assemblage the cryptocurrency aback aloft the neckline of the bullish arrangement to animate buyers to move the RIF / USD brace appear levels not apparent back mid-January this year.
Encouragingly, the RIF / USD brace is trading aloft its 200-period affective boilerplate on the four-hour time frame, which shows that concise beasts are still in control.
The capital obstacle buyers face at present is a abeyant arch and amateur arrangement basic on the four-hour time frame. Bulls charge to move amount aloft the August and September account trading highs to abate the bearish pattern.
According to the latest affect abstracts from TheTIE.io, the concise affect appear RIF is neutral, at 47.00 %, while the all-embracing abiding affect appear the cryptocurrency is additionally neutral, at 50.00%.
Upside Potential
The four-hour time anatomy highlights that the RIF / USD brace charge assemblage to new multi-month trading highs to animate beasts to force a acceptable abstruse breakout.
The circadian time anatomy shows a ample astern arch and amateur pattern, with the upside bump of the bullish arrangement amid abutting to the RIF / USD pair’s accepted best trading high.
Downside Potential
The four-hour time anatomy is assuming a bearish arch and amateur pattern, which if absolutely afire could force the RIF / USD brace aback appear its accepted best amount low.
The cryptocurrency’s 200-period affective boilerplate on the four-hour time anatomy is the key abutment bears charge to break, while the July trading low is addition key bearish blemish breadth traders charge to watch.
Summary
RIF Token has cogent upside abeyant over the medium-term if beasts can burn an acutely ample astern arch and amateur arrangement on the circadian time frame.
The RIF / USD brace still faces challenges in the near-term, with buyers defective to assemblage the cryptocurrency aloft its above account trading aerial to abate a bearish arrangement on the four-hour time frame.
RIF has been advised in detail by our SIMETRI Research team.
