$XCP/BTC Technical Analysis 22th Nov. 2016.
Hello Steemers!
Today I'm sharing my $XCP/BTC chart with you.
Counterparty is a well known coin and has never really lacked volume which makes it an rather interesting market to watch.
Clean charts for the start:
1 week chart Poloniex -clean - Nov. 22, 2016
1 month chart Poloniex -clean - Nov. 22, 2016
We can see the price being in a hard downtrend since it pumped to 0.045 in Nov. 2014. all the way to Dec 2015. when it reached it's all time low point of 0.0008775 BTC. Shortly after reaching it's all time low level the price turned the trend with hard spike to 0.0096BTC with an volume of 2050 BTC on March 17th.
Again some lines on the chart, marked some lows with white lines and highs with green lines. Like last time I only drew a few to keep it as simple as possible.
1 week chart Poloniex -lines - Nov. 22, 2016
1 month chart Poloniex -lines - Nov. 22, 2016
With the lines on I spot some price movement zones, with a major accumulation area till the ~0.0085 line.
1 week chart Poloniex -fib - Nov. 22, 2016
1 month chart Poloniex -fib - Nov. 22, 2016
Fib drawn on the weekly chart.
Major accumulation zone further confirmed with the top around the first fib level (~0.00727) and the white line (0.0085) mentioned above.
With the fib on, one can see some possible targets on the uptrend.
What to expect next?
1 day chart Poloniex -zoomed in - Nov. 22, 2016
The price hit the 0.0026 level which is a previous local low and might act as a possible support for a bounce and even another reversal towards the uptred, however it still has room to go down more and meet some support down there.
Bellow we have the possible support of 0.0021 which was a earlier local high from before the March pump, same as the next support level, the 0.00157 line and at the end the 0.00121 support line.
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
IMHO the price has a fair chance of going down to around 0.0015 if not even to the last support level, where it will, in my opinion change the trend, however the change of trend might come come sooner.
XCP is at what I consider low levels, and my recommendation for the ones who already have XCP would be to hold onto it and wait for a uptrend, although I see the price going further down IMHO selling here is not worth the risk of missing out.
For the ones looking for an entry point I would say either way for the price to drop into the lower level zones or slowly start buying here to make sure u have some once the trend changes.
Finally my target for the uptrend would be around first the 0.0176 fib line and secondly around the 0.028 fib line
Resteemed