The Reef (REEF / USD) has dropped more than 50% from the highs it hit in November, falling sharply after a big rally in price that drove the Reef from $0.01 to $0.03. Reef is now approaching an important support level that could be the Potential Reversal Zone. Reef is also approaching the downtrend line on the symmetrical triangle that has formed, so it looks like we will see a reversal soon. Reef has been trading under the symmetrical triangle since it was listed, so once a breakout is seen, Reef could yield some huge returns.

  • Reef has formed a symmetrical triangle and has been trading under it since it was listed, so the support level is very crucial as a significant dip can be seen if it breaks from the support trendline.

  • Reef is very close to testing the downtrendline so once a reversal is seen a long entry can be made, however any long entries should be avoided if Reef breaks from the supporting trendline.

  • A bullish golden cross was seen in November, which indicates a bullish soon.

  • A demand zone can also be seen at $0.017 which is strengthening the supportive trendline, thus increasing the chances of a reversal.

  • The RSI is at the support level from which a reversal in price levels was seen before.

  • It appears that the Reef will drop further below its supportive trendline before starting a new high, so traders may also expect the price to fall to the $0.0176 levels before taking a long position.

  • Traders should be cautious as the Reef has been falling in recent weeks, so a stop-loss should be maintained.

  • A goal of $0.237, followed by $0.030.

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