$POT/BTC Poloniex Technical Analysis Jan. 05, 2017.
Hello Steemers!
Another altcoin chart for today, this time Potcoin ($POT)!
Currently ranked 48th on coinmarketcap.
Fore more info about Potcoin check out their website and their Bitcointalk thread:
Website - http://www.potcoin.com/
BCT thread - https://bitcointalk.org/index.php?topic=426324.0
Showing the monthly, weekly and daily for start.
monthly chart Poloniex - clean -Jan. 05, 2017
We can see how POT was traded in a general down trend to about 100 satoshi since the start of trading on Poloniex, all the way till summer 2016, when it turned into a hard uptrend making a new all time high at around 7000 saotshi.
weekly chart Poloniex - clean -Jan. 05, 2017
On the weekly we can see the waves it was making along the downtrend and the recent volatile trading which took mostly place between ~700 and 3000 satoshi.
daily chart Poloniex - clean -Jan. 05, 2017
After making the hard pump to ~7k satoshi it got pulled back down to drastically to about 700 satoshi where it marked a new local low. After dumping to the 700 levels it got pulled back up and flattened at around 1k satoshi after which came a pump to about 3k which was followed by a pullback and a flat out at around 1600 satoshi where its traded now.
Putting some lines, used the weekly for it. Will be working on that one from here on.
monthly chart Poloniex - lines -Jan. 05, 2017
With the lines on we can see some accumulation levels before the pump, from which the lower level ones, the ones bellow 700 satoshi seem more obvious on the monthly chart.
weekly chart Poloniex - lines -Jan. 05, 2017
On the weekly it is more clear that the price had it's first accumulation zone between ~320 and ~700 satoshi followed by a longer one ranging from ~300 satoshi down to the all time low with the firm bottom at about 100 satoshi.
Pulling the fib, once again on used the weekly chart for doing so.
monthly chart Poloniex - fib -Jan. 05, 2017
weekly chart Poloniex - fib -Jan. 05, 2017
The fib shows a possible major accumulation zone all the way up to about 1.7k satoshi under where the price seems to be retained at the moment, with the next fib level topping at 2.7k which seemed to have acted as the top of the recent spike.
Thank to the lines marking the previous local high's we have some targets for possible support levels, the one at 1.1k which acted as a support once already, the 700 satoshi line which marked the new local low made after the hard run up to 7k, and last but not least the ~300 satoshi level which was the top level of the lowest accumulation zone before the pump.
What to expect?
1st (green) - The price marked a new bottom at ~700 satoshi and will keep the current uptrend progressing to the 2650 satoshi resistance level, with a pulback to make a new local low at about the levels it's trading at now then keep on going higher breaking through the 2650 satoshi resistance aiming for the ~3.2k one.
2nd (yellow) - The price entered a accumulation zone between the ~1.1k and the ~1750 satoshi line.
3rd(red) - The price drops down breaking through the recent made local low of 700 satoshi looking for new local lows at the 300 satoshi levels.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
Please post the links to your TA's posts into the comments as well!
DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Everyone who uses TA develops his own unique charting style, please keep that in mind.
Kind Regards, OZ :)
I wonder if you would consider adding a few sentences about a coin you chart. I know of Dash and of Potcoin, because I see them on coinmarketcap, but I really don't know what they, and most of the coins on there are trying to be.
I did watch the Dash video and see they are trying to be a currency. Now I'll go to the potcoin site and see who they are. But a few sentences here would save some us a little time, so we can know if we want to know more about a coin your chart, or not. Just a thought, thanks for your charts!
Good point!
I will do that in the future, but i'd rather just stick to briefly describing what their goal is and how they represent themselves, not going into technical details of "how to or why " of coins because I'm not rly a techy guy.
Thanks for pointing it out!
Great! Something very brief would work fine. Just so we know if we should research further or we're not really interested in a coin. Thanks!
This is very interesting new development coinciding with the actual legalization of pot... Thanks for the info on this matter that, I have the feeling, will increase in monumental strands over the next few months. I wonder if they have a decent logistical back up to it all, as solid a platform as BitShares or Steemit for that matter!?! Namaste :)
COMMENT
Thinking the price will chose to either go continue the uptrend or start a downtrend in look for new local lows at around 300 satoshi.
A crucial role could be the movement of Bitcoin, if the price of BTC still didn't mark it's top for the near future I would expect POT to trend down towards 300 satoshi.
In case BTC has marked it's top and keeps consolidating downwards I would expect POT to to and move up towards the 3.2k satoshi level.
I think I will check this website out :)
I think the name tells me to leave researching this for today!, still thankyou as always Oz .....Upvoted, re-STEEMED
Buddy. Thanks for the eye in the sky on all these cryptos. Fascinating movement in these currencies compared to forex with can go flat. But just as Forex moves based on "Fundamental Analysis" and new releases, is there a site you recommend for keeping an eye on the crypto news releases? Does it work the same as forex? Appreciate the great work!