Nicer to hit 50sats - weak support (expected it to go to 54 not shy of 51, then retrace to 48 which it did, now expecting it to break 60 into the long term uptrend) but I am sure it will grow when next country announced.
Vodafone (20 countries)
Bearish divergence on the daily chart.
I think some kind of correction and sideways movement would be pretty healthy though. Lets see if we get it.
And as of right now, we have another tall tale bearish signal with a shooting star candle (short body with a very long wick on the top). The good news is we still have ~9.5 hours left on this daily wick to recover back to the upside, but from a pure TA standpoint, it is not looking good. If we don’t recover, the best case scenario is we move sideways for a bit.
Well atleast I can feel my way to success, lol well i did not expect we Come back this low this easy after breaking and almost even reaching the 0.618 fib at 56 sats. Expected the reverse to hold MUCH stronger support on 0.5 fib after that huge candle…
Well, 0.382 has came into play again and is The trading level as of now.
I remember thinking along time ago that the sats price is irrelevant and I’m coming back to that conclusion again after speculating on the USD charts again.
See picture for what I mean. Chart is ETN-USD 2018-11-15 -> til date.
So I personally conclude that the sats price is out of speculation, everyone in the market wants cash-fiat from trading. Therefore the USD&FIAT chart will tell us what people do.
Conclusion from me is that bear trend and shorters market is still going strong and have the upper hand in the market as of now.
When will it change? Maybe today, maybe not. All I can say is that the market is bear and for it to turn in a clear positive trend i’d want to see us trade into 0.006~ USD again, with a bounce or 3 on 0.0045~ usd.
Still, personally for the longterm game I am very faithful of a hard reverse sometime in the future. There simply is to much GOOD in the project for it to always be in a beartrend. Eventually, new and former investors will likely enter the market again.
Nothing of this is for granted, it’s all just speculation of what I personally seems to be the propable gameplan. I would NOT trade on what I say.
Anyone feel free to give some input wether you think the USD chart is the main chart to keep priority on or if the BTC pairing chart is the driver of the market.
Edit* To put into more context of why I think the USD price is MUCH more relevant then our satoshi price, simply the fact that USD price will almost always reach technical targets, and as evidientally the satoshi targets are almost never reached due the fact that the USD target has been reached before the satoshi target can get to it’s personal technical target.
Thank you for your time, and I really do like if you have something to put into the matter. As I’m just a newb.
Uptrending supportline holding us intact so far since the initial runup.
Still the same story as the past posts. Break 48-50 sats with some volume and confirmed bounces on the target and we will likely face a runup towards 60 sats and eventually 72 sats.
We’re bulding some pretty good support if we break down now with targets at 46~sats, 41 ~ sats and worst case scenario 39~sats. These lines coincides very well with 0.382 fib retracement, 0.618 and 0.786 if we break down.
Maybe the sistemcoin competition can help us break the resistance at 48-50 zone, actually their exchange have already broken it. But I wouldn’t hold my horses on it being a true rally.
I keep it as above post, I want to see us bounce on 0.0045 USD a few times and then reach and fight through 0.006 USD with a ascending triangle for me to become a bull.
Edit* We have roughly 2 days to either break the horizontal red line on 50 sats and continue the runup to firstly 60 and eventually 72 sats, or break the uptrending support line for bounces on 46 & or 41 sats. I do NOT think we break 41 sats do we break down. I think even 46 sats will be hard to blast through.
Good times, some decent volatility and trading oppurtunities on the horizon for the one who is patient enough to daytrade etc. I’m not one of them atleast
I wanted to add something to give into perspective of why the range of 48-50/51 sats is so heavy resistance and so very important in the immediate future.
Since the day we broke out of the 90/100 sats range we wicked down to 41 sats and formed that current bottom on 50~sats, we bounced hard to 72 sats and came down to sideways action for quite some time on the 50 range.
And as we can see, it is rejecting us heavily in the regions right now, but on the good part our lows is getting increasingly closer to this region. So the breakout IF to the upside should bear some very hard significance.
See down here how many times we have retested the resistance the past weeks.
And we can also see how heavy we pumped when we
fakedout from the region, volume came as an instant and the candles got significantly bigger.
Repeatedly retesting support is usually a bad sign, and repeteadly retest at resistance can usually be taken as a good sign.
I just wanted to clarify why I’m personally giving this region so much time and posts.
Still not a financial and trading expert and this is all just purely for my own pleasure and fun.
LOL…he’s not explaining some sort of unknown phenomena and you don’t need a line break chart to recognize it. That pattern is what I call the “M” pattern. If you see a M pattern form, you can bet price will continue to drop. I’m not understanding what the line break chart has to do with it. When he was trying to explain it by reading the paragraph, I simply fell asleep. There’s nothing special about it (IMHO)
But, in terms of the M pattern you can bet the market will drop further. DaVinchi calls it the smile pattern because you can make a smilie face around it. He likes to say, “if the market is smiling at you, it’s about to take your money”.
This is a short stop, ticket to economic welfare, going further to much more expensives stop,. that will continue,. its only the beginning of this trip.
Could this X of the two support lines tell us something, maybe the turning point for BTC and the rest of crypto?
I drew a very similar looking chart last night
How can volume decrease yet price increase>?
In my humble opinion, volume is just a indicator like RSI, MA etc. All just a spoke in the wheel, surely not the be-all, end-all? Lets see what the guru’s here say about it?
That is a form of bearish divergence. However, on the daily chart we see the EMA ribbon and the 21 week moving average are coming up to meet the current price. Barring any massive whale selling, we should see some movement up as those averages meet the price. They are all around 47 sats right now…so I am not anticipating any moves lower than that.
Edit: 2 hours after posting this, ETN is trying to have a minor dump. 47.01 sats at the time of writing this. If it dumps harder, I suspect a wick back up will ensue. We shall see!
BTC Dominance creates a lower low and a lower high.
I’d say there is a good chance that alts may see some more love.
ETN also is holding really well against BTC and I personally dont mind adding some to my longterm position at these prices.
Here we go, lets see if VTC can break that resistance line (X), and give us (ETN) a boot under the buttocks
Maybe so, I’m sceptical at the moment. Feeling we will come back down to 0.618 fib at 41sats, we’ll see.
Btw could the team please reach out to Kucoin and make our btc pairing to 8 decimals again? 10 decimals feels very unhealthy especially when low volume and the majority of orders are executed by bots. With 8 decimals they wont be able to control the market quite as easily, not with profit atleast.