Decred / Bitcoin At The Very Bottom?During the past few weeks, Decred lost to bitcoin almost 60% while moving from btc 0.007 down to the current low at btc 0.0028. A very sharp decline was stopped at the 88.6% Fibonacci retracement level applied through the all-time high and all-time low.
At the same time, DCR/BTC tested the lower trendline of the descending channel for the second time and these facts could indicate that Decred is either at the bottom or very close to it. The possibility of more decline remains, but if this will be the case decline should not be dramatic.
Overall, there is the support around btc 0.003 psychological round number and the trend reversal could be on its way. Its rather early to say that with the confidence, but for those who like risk, the opportunity might be there already. DCR/BTC first strong resistance is at btc 0.006, second btc 0.007, and if 61.8% Fibonacci level is broken more growth could be expected.
DCRBTC trade ideas
DCR confirms possibility of long term uptrendMy simple DCR/BTC TA without voodoo. Previous resistance down trendline became support. Chance for a long term uptrend. I use BTC/DCR instead of USD/DCR like most because that's where the majority of volume is generated. This is the only kind of TA that makes sense IMO (go back to the basics, as Jason Stapleton teaches).
Decred - Bullish CypherWe're looking at another cypher pattern but this time on the 1h chart with DCR/BTC, this is an excellent long opportunity with 1:2 risk to reward!
The D point forms above trendline support on the 4h chart as shown below, I'm expecting price to stall out on this level or at completion of the pattern.
The measurements for a valid cypher are detailed below.
B: 0.382 - 0.618
C: 1.272 - 1.414
X to D: 0.786
Feel free to share your own analysis below, and as always trade safe!
Decred versus Bitcoin - Reversal PatternDecred found the support at btc 0.0033, where it rejected the 527.2% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout.
Following the support rejection, DEC/BTC started to move higher and broke above the downtrend trendline and 200 Moving Average suggesting the reversal of the trend.
A double bullish divergence was formed fist when it bounced off the support and second when it bounced off the downtrend trendline on a corrective wave down. So far all the facts are in favour of the potential trend reversal where Decred should start moving higher against Bitcoin.
The very strong resistance is seen at btc 0.0085 where two Fibonacci retracement levels are crossing as well as it corresponds with the upper trendline of the descending channel. Only a daily close below btc 0.0033 should invalidate this outlook.
DCR Start move upDCRBTC
end his pattern movement bounced well from demand area we were set full analysis for this coin but forget to notice it again
so not late for join
Sl=0.00289410
TP=0.00634223 about 40 %
capital management is recommended
we ask Allah reconcile and repay
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we Ask Allah reconcile and repay
Exciting Decred updates - 100%+ profit projectionWith several exciting updates already lately from Decred such as atomic swaps, new exchange listings and upcoming ASIC support there seems to be an interesting future ahead for Decred. Especially considering Lightning Network support is on track will be released 'very soon' (Q4 2017 according to their roadmap). Ontop of all this the circulating supply of Decred has been decreasing due to people locking their coins up in PoS for staking rewards, which is something that will definitely be reflected on the price per Decred.
All in all, I don't see any reason not to buy Decred! However, I am nowhere near being an experienced trader so please always do your own research for your investments/trades.
Source: thedecreddigest.com