Next buy in range near
Updated
TL;DR:
Full analysis:
Here is a coin that has been an avenue for large income for me in the past year. It has been experiencing large volatility since mid last year due to slightly increased social presence and it will only grow as this coin develops, in this analysis we will therefor be looking at the fundamentals as well since the new year between now and Jun/July is usually critical for Crypto.
First the technicals.
Since it has broken through the 0.618 fib level it is fair to assume that the next set of reliable confluence will be our RSI and volume, very simple yet reliable if used correctly. Now that the RSI has diped into the oversold zone, a positive spike in volume will help give us a signal for a turn in the trend.
Fundamentals:
I have put this in the bottom because it carries more sentiment.
If you choose you can buy in now and there will be a very low risk, this isn't some heavily shilled coin that needs forum support or pnd groups. It is one of the oldest projects in cryptocurrencies today and has had a working product since 2014.
By the end of this year, the Bitbay team promises to implement their smart contracts into their market as well as provide a poker game with bitbay as their currency. It would be one of, if not the most popular and stable, crytocurrency to have these features.
Also, Bitbay has nothing to do with the crypto debit card based in Poland.
Conclusion:
This is a very low risk trade, and as I said in my last analysis of this cryptocurrency, it has potential and stability. Obviously, since this is closed source it is based on promises from the developers but their devotion has only shown an increase since it's launch a few years ago.
- RSI is oversold, volume is low
- Buy in Range: 529sats (minor) - 397 (major), based on prior supports
- Watch out for volume in the meantime
- Very volatile cryptocurrency that is undervalued but is planned to be more utilised with impending projects
Full analysis:
Here is a coin that has been an avenue for large income for me in the past year. It has been experiencing large volatility since mid last year due to slightly increased social presence and it will only grow as this coin develops, in this analysis we will therefor be looking at the fundamentals as well since the new year between now and Jun/July is usually critical for Crypto.
First the technicals.
Since it has broken through the 0.618 fib level it is fair to assume that the next set of reliable confluence will be our RSI and volume, very simple yet reliable if used correctly. Now that the RSI has diped into the oversold zone, a positive spike in volume will help give us a signal for a turn in the trend.
Fundamentals:
I have put this in the bottom because it carries more sentiment.
If you choose you can buy in now and there will be a very low risk, this isn't some heavily shilled coin that needs forum support or pnd groups. It is one of the oldest projects in cryptocurrencies today and has had a working product since 2014.
By the end of this year, the Bitbay team promises to implement their smart contracts into their market as well as provide a poker game with bitbay as their currency. It would be one of, if not the most popular and stable, crytocurrency to have these features.
Also, Bitbay has nothing to do with the crypto debit card based in Poland.
Conclusion:
This is a very low risk trade, and as I said in my last analysis of this cryptocurrency, it has potential and stability. Obviously, since this is closed source it is based on promises from the developers but their devotion has only shown an increase since it's launch a few years ago.
Trade active
Take Profits: 1088sats, 1577sats, 1879sats, 2368sats.I bought this 2 days ago but I am going to make an assumption based on my analysis of the lower time frames that we are witnessing the start of an uptrend.
We don't even need to make a new chart to determine our take profits, it is already there based on the fib. Note, however, that the chart published in this idea is of a small window and isn't near the ATH so it is up to you if you want to hold long or not.
Stop loss, however (especially if you are only now buying this), should be the 522sats support level. And if thereafter you are still confident in buying this, you can't go wrong buying on the major support level (397sats)
Trade closed: stop reached
Trend isn't strong enough; Bitcoin isn't ready to go up and all alts aren't showing enough strength right now.We will wait for a Bitcoin then open the trade promptly.
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