OkCash VS Bitcoin Strong Uptrend ExpectedOkCash has been consolidating since October 2017, while rejecting 2.5k satoshi support area multiple times. But only now it shows first signs of an uptrend against the Bitcoin by producing higher highs and higher lows. OK/BTC also closed above the downtrend trendline and the 200 Moving average confirming the upcoming trend up.
Currently, the price is at the support level where previously 4/1 Gann Fan trendline has been rejected, that is 3.8k satoshi. From that level, it is quite likely that OkCash will continue rising to test the first strong resistance near 10k satoshi psychological level. This resistance is confirmed by two Fibonacci retracement levels. First is a 50% Fibs applied through the last corrective wave up started in September last year. And second is 427.2% retracement level applied to the corrective wave down after breaking above the 200 MA and the downtrend trendline. Only a break and close below the 2.3k satoshi support could invalidate bullish outlook.
OKBTC trade ideas
OKCash MoonshotThere is a potential edge to edge trade on the daily time frame Ichimoku Cloud. Basically if the price can penetrate the resistance from the edge of the cloud the next hard resistance level will be the other edge of the cloud.
Moving averages are bullish, price is currently above the 50 day moving average and the ichimoku cloud just had a bullish TK cross (these lagging indicators basically just tell you what you already see on the chart - price is moving up)
Bollinger bands are very tight which means there should be volatility coming soon.
Price forms a symmetrical triangle with a target of 11000 satoshi.
The market cap of this coin is very low however so it could be a pump&dump coin... beware :P
OKBTC Soon to double in value at least.Right now, the price has been at the bottom of the cloud (Purple shaded area). When looking at Ichimoku clouds, in general, when a candle enters one side of the cloud, it will soon proceed to the other side of the cloud. In this case, it will soon enter the bottom of the cloud and will very likely pass to the top.
My short-term target is to sell at:
~0.00010400
My buy-in is at:
0.00004505
OK Cash ready for another explosive leg?Been watching this one for some time trying to decipher its correction. Finally settling on a 5-3-5 Elliot wave correction. If this is the case then the corrective phase appears to have ended and the impulse waves should be ready to break out of the triangle. The target is a conservative guess using a level between the last two breakout ranges.