Smoke Rudex market analysis 12/11/2018 (1st Smoke market analysis) Plus weedporn
Getting right into the charts here we can see clear signs of accumulation. Almost all the volume is on the buy side with a lot of support in the 0.4-0.5 BTS range. It is interesting dealing with illiquid markets because they get pushed so far in both directions. I've also been watching the books heavily.
In the local range we see a lot of support around 1 BTS. We saw resistance at 1 BTS until it was recently broken and we rallied up to 1.99 BTS, as you can see in the chart. We quickly retraced all the way back to the previous high, but it has been defended since. I am not sure that it will hold, my guess would be we will likely break down again to .5 BTS at some point in the future. The positive is there isn't much sell side liquidity. Only about 8.5k Smoke are available for sale below a price of 4 BTS, with another 9k above up leading up to a price of 200 BTS.
We saw a lot of trades, and then a lot of liquidity added to the books, but since, not a lot of trading. I feel it's the calm before the storm, and when we start to move again, we should swing violently in both directions.
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