Get used to it, i’m gonna say the same stupid $*#t over, and over, and over again for the next little bit as every first wave pumped coin has the same set up….solid floor, ok buy volume, confirmed reversal, blast off. If so DOGE should pause in the yellow block, pull back, rally to the blue block and cool off. Typical retraces see the markets in due time reach the red box.
However I do recognize the huge size of the last bull markets and that the typical OTE retraces may not get hit on all markets. Market Makers did a great job distributiing assets and are really not overly motivated to make bagholders whole again. Large bull market gains are likely in the mid caps on Bittrex while the Poloniex coins give solid 50% retraces over September.
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BitShares, BTS, looks like every other altcoin that has doubled in price the past 10 days. Confirmed reversal, price floor with ok buy volume, and some news. With BitShares today it’s that it is mentioned in a Huffington Post article. Most of the recent pumps are moving towards that purple horizontal level, pulling back, then going to the area inside the blue box. Let’s see if it repeats or not.
The volume profile on DASH is not looking too hot right now and warrants caution. Even if the price does breaks upwards the chance of a hard retrace is very real at this point. If the price continues to go sideways and more buys show up then the conditions change. As of now the sell volume is in charge and needs to be respected.
Due to the current location of daily candles the plays seem to be, LONG above the yellow horizontal support & above the green sloping downtrend. SHORT position is triggered below the yellow horizontal line with targets around 0.015 ish and if lower then about 0.0126 ish should provide strong support.
The reasoning that lead me to sell and call the top on BCY is the same reasoning I think Potcoin (POT) is now officially over extended. Looking at the purple support trends on the chart we can see it has shifted up 4 times, this is always the parabolic segment of the market. I also see 3 main price waves and then the current blow off top, this is always an indicator of a market in need of a correction. The recent top just tagged an upper FIB extension and the price is miles away from the moving average on the chart too.
Could POT keep pumping? Well, of course it can, but if I was holding I would be selling, walking away, and not worrying about it at all. If you really feel attached to the market then buy the dip, but for goodness sakes don’t let the profit get past you if you are still holding.
The most perplexing thing about this POT bull market is that it is happening at all! All of the hemp based coins were a big let down in April and there is no news out that could push any of these markets right now. The only thing I can think of that could even be remotely applicable is that POT is attached to an outdoor growing business. Or perhaps they are developing a business relationship with one? That would be the only logical reason for a legit POT bullmarket. Why? If they were forging new relationships then what we are seeing is a pump in price prior to the outdoor harvest season. The news would come out and the price retreats, typical crypto stuff. That theory is if this is a legit bull market, knowing crypto it isn’t, but……stranger things have happened.
Very straight forward Bitcoin (BTC) chart today. All of our previous analysis has been spot on, and that is due to the assumption BTC price is going to experience a 3rd wave of the current bull market. The patterns will not be 100% replicas but the general wave structure rarely lets us down. If this is true then some where around $625 on the Futures Quarterly contract become the new horizontal bull-bear pivot point.
Someone forgot to send the fax to Peercoin (PPC) that altcoins were pumping last year, and unfortunately the bleeding might continue further. BTC-e alts like PPC, NMC, NVC are in roughly the same price trends though their momentums are a bit different. PPC has tend to lead the group in the past and if so the Weekly chart says the possibility of more downside is very real.
Every other time the price forced the StochRSI below 50 it has pushed down to oversold and reset. A spike below support would be a great buying opportunity, why? The price has been falling in a descending wedge therefore the probability of an eventual rally is high. This is no trade to rush into. But the long term trader will want to place some low bids to take advantage of a 2x bounce, or a 4x bounce if it breaks out on the next trip up to oversold.
I have had a lot of requests for Reddcoin (RDD) over the years, so here is an update. The momentum on the weekly chart is down with a strong resistance at 14 Satoshi. A breakout above that will send the general public into the market and not just die hard fans. Those same die hard fans should be buying the heck out of the 4 Satoshi level if the price continues to move down this price channel in oversold conditions as seen on the daily chart.
Support should be at 4 Satoshi. The micro trend breakout is at 9 and would send the price to the hard resistance at 14. A breakout of 14 would signal a larger bull market in which many more traders will participate leading to higher volume for the low buyers to exit into.