$BTS/BTC Daily Poloniex Technical Analysis / Market Report Update #1, "the sleeping giant?" Nov. 22, 2016.
Hello Steemers!
As per @officialfuzzy 's request I will start doing the BTS/BTC daily updates.
Opened the chart added some lines on the weekly, so lets go:
POLONIEX
1 month Poloniex chart - Nov. 22, 2016
On the monthly we can see that BTS has been in a huge downtrend since it started trading on Poloniex. In the first month it made a all time high of 0.00012216 BTC and has since had a major downtrend with some bounces on the road.
1 week Poloniex chart - Nov. 22, 2016
It made an all time low of 401 satoshi on January 7th 2016. and has since started an uptrend and made some nice pumps and some higher local lows.
Seems the price has been undergoing some accumulation levels with pumps along the way resulting in more downtrend all the way till the Jan 7th 2016. At the moment the price seems to be in the lowest accumulation zone.
1 day Poloniex chart - Nov. 22, 2016
Few days ago the price hit the 515 satoshi support line and has shortly after made a mild bounce spiking to the 570 line.
After the spike it got pulled back down and seems it's now going towards the 515 satoshi line again.
4 hour Poloniex chart - Nov. 22, 2016
The price looks like it's making a swing low which could indicate a bounce and a trade opportunity, at the moment traded at 532 satoshi.
VOLUME COMPARISON
BTS/BTC volume Poloniex Nov. 22, 2016
BTS indexed global volume Nov. 22, 2016
Coinmarketcap top volume cryptos Nov. 22, 2016
$BTS on 16th place on the volume rankings.
Poloniex volume ~59 BTC.
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!
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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 :)
COMMENT
In my opinion BTS is in very low levels now, at the bottom of an accumulation zone. It is traded around the 515 satoshi line. Due to the rising BTC price I see a likely chance of breaking the 515 satoshi line and going towards the all time low of 401 satoshi.
Another possible scenario I would like to point out that the price might have reached it's new local low on the 515 satoshi line and will turn up from here.
Overall I think that BTS has is going to enter a major uptrend looking at the long term.
For the short term I see an minimal % trade opportunity withe the target ranging between 540 and 545 satoshi.
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