$BLK/BTC Poloniex Technical Analysis Sept 21, 2016.
Hello Steemers!
BLK/BTC Poloniex - 1 day chart clean
BLK/BTC Poloniex - 1 week chart clean
For the start the clean charts, both daily and weekly to get a view on the whole market.
Since the start of 2016 there can be nice growth in volume noticed, with the first major spike in July.
Right before the volume spike in July the price has broken beneeth a long term support level.
After the first spike in volume and with it also in price, the price went down again making just a slightly higher low after which it spiked again this time with even bigger volume, more then double!
BLK/BTC Poloniex - 1 day chart highs and lows marked
BLK/BTC Poloniex - 1 week chart highs and lows marked
Marked the highs and lows on the daily. Allot of lines, especially in the ~9-5k satoshi range as the price was trading in that area most of the time.
BLK/BTC Poloniex - 1 day chart highs and lows marked + fib
BLK/BTC Poloniex - 1 week chart highs and lows marked + fib
Drew a fib on the weekly chart, since I'm aiming towards the bigger time frame.
This time the fib won't help much with cleaning up the mess since its in the lowest area, so I will just rely on my instincts.
BLK/BTC Poloniex - 1 day chart cleaned
BLK/BTC Poloniex - 1 week chart cleaned
Left only the lines that I felt are most important. To be quite honest, I'd leave more of them, but I'm trying to not end up with a huge mess on the charts as promised.
BLK/BTC Poloniex - 1 month chart cleaned + triangle
BLK/BTC Poloniex - 1 week chart cleaned + triangle
Once I checked out the monthly chart, I noticed a quite big triangle pattern, also reflected it on the weekly chart, although a bit modified.
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.
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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
The sudden volume spikes and the making of higher lows on a weekly time frame let me to believe that the downtrend for BLK is over and we entered an uptrend, furthermore after noticing the triangles, I'm in firm belief that it is only a matter of time before we see a greater uptrend.
is it still good to enter now?
IMHO, yes, it had huuuuuge volume on those spikes
Last time I checked, Steem is equal to 19 pesos in Philippine currency. But that doesn't mean its bad considering living a life here without any other source of funds. I still believe in steem, steemon! Keep Steeming:)