Technical Analysis - CNBC reports cryptocurrency markets panic as Punxsutawney Phil sees his shadow then return to norms after realising he's just a groundhog and CNBC are full of S*&t..

in #cryptocurrency6 years ago (edited)

We've had a few days of highs and lows, so I thought it might be good to catch up on some cryptocurrencies I've been tracking the last few weeks and see how things are looking.

First of all....BREAKING NEWS!

As always, never panic buy or sell and don't go too deep!

With big business news going crazy to do all it can to disrupt the cryptocurrency markets, we have to be especially careful as we're seeing some absolute shocking examples of complete and utter FUD from the mainstream media.

First it was "South Korea Bans Cryptocurrencies!", which was actually more like "South Korea says it's considering regulation for the future of cryptocurrencies".

Then we had "France moves to ban cryptocurrencies", which turned out to be something along the lines of "France to investigate why people are buying Bitcoin instead of giving their money to government".

I think we had another one to do with South Korea this morning, but I didn't get chance to see it as I was busy quitting my job, whilst trying to sell my car, to buy some crack and Bitcoin so I could get high and watch that shit MOOON! That is a joke of course! (I would never sell my car!)

Moving swiftly on...

Technical Analysis

This is post only contains my personal views and opinions and is not financial advice. You should always do your own research and only invest what you can lose to afford.

My last update on these charts is HERE if you want to compare then to now on both my thoughts and charts. Gas has been dropped as it reached good enough heights (chart at very end of post).

Bitcoin (BTC)

Bitcoin/USDT daily chart - I'm still thinking mid-February until we see some kind of bounce back by Bitcoin. It may never happen and the bubble could burst, but I'm not overly worried personally and happy to wait it out. Saying that, I have implemented a personal Bitcoin embargo as I don't want to go deeper until I see a positive return or complete collapse. If either happens, I'll be happy to either pick it up cheap for later or pay a slight premium once we're firmly back in bull territory. The light blue lines are the pattern I thought it would follow and the yellow lines are very roughly what I think it will do (i.e. bounce around marginally but not break out for a while). I've moved the solid red line down to where I think bottom price is, but no one is perfect and it may well gather steam and run right through that (although I doubt it). If we see another good dip with positive signs from the MACD before a breakout, providing that comes with strong enough volume and gains, I think we'll be on for a wild ride!

Ark (ARK)

Ark/BTC daily chart - I'm not changing my mind on this one from my call a few weeks ago (no accounting for dramatic headlines re: below unfortunately!):

"Based on positive returns to the market after this news acting as a catalyst, I believe that if we see the pattern below start to complete within the next 4 weeks, the price of Ark is likely to reach new ATHs. Around the the 25th January is where I feel the gains will most likely occur.
For me to gain more confirmation on this, I'll be looking for a very similar chart pattern to the one shown by the orange arrows below (dip straight down then start to climb up steadily at first and increasing to near vertical), combined with ARK trade volumes of over $45,000,000 USD and gaining momentum as it gains in upward in direction."

You can keep an eye on the volume HERE. I think that steady climb we were looking for may have been disrupted by recent news, but as I've said, I'm still happy enough with how Ark is shaping up.

Below is how that chart is looking today:

Dash (DASH)

Dash/BTC daily chart - as with BTC, I've adjusted this chart from where I called it (dotted yellow lines) to an updated model (purple lines). Original chart HERE.

I'm still happy with my overstock in Dash. I'm holding long as I think that like it or not, Dash is going to be a winner in the market (if it's not enough of one already!), but I do also like it for a shorter term trading opportunity. I did originally call 1000% of potential upside a few weeks ago. Crazy as it sounds, I'm still up for that. My call is not only based on current trends, but also previous historic performance (golden cross from original post) and the steps Dash is taking to get out to the masses (click HERE and watch the video).

I'm also closely watching Achain, VeChain, Vertcoin, Everex, Civic and Omisego. In the case of Achain and VeChain, there isn't much TA we can really do, but I'd still be happy to provide updates and thoughts about what is happening with them and where I think they are going.

If you'd like me to include these or any other cryptocurrencies in my regular analysis and updates please comment below.

This is post only contains my personal views and opinions and is not financial advice. You should always do your own research and only invest what you can lose to afford.

Donations are as welcome as an upvote, reshare or simple "hello"!

BTC: 158u9zzx29JPaLRh392vbLSmSHYkpCmEzX
ETH: 0x25695f8145F9ccee1eDE955603D22955E63848f4
Dash: Xrb4Y9U8mxQT9uoAatW3fymVhxEQM6eBZU
LTC: LXAQrzHuRo4bmW1eJap25wJeBF1vUShK1k
OMG: 0x25695f8145F9ccee1eDE955603D22955E63848f4*

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GAS/BTC daily chart:


CNBC is full of shit media. Who the hell would even waste their time listening to their garbage. It's just media fluff.

As with everything, it's media that's in control. They have the power to make or break the crypto market in a couple of seconds. Personally,after making some wrong decisions based on what the big media sites posted, I decided to stay away from them. As a result, I may run a little bit behind on some things, but the big advantage is that I won't get caught up in their game of news manipulation.
When something important really happens, the news will reach me eventually - coming from a source that is more trustful.

Like I mentioned on SteemThat, I completely depend on other people's analysis and my gut feeling when it comes to investing, so I'm always happy to find people who know what they're talking about.

If possible, I'm very interested in Monero (which has been a huge disappointment up until now), Golem and BAT. This last one just appeared on my radar and I don't know what to think about it...

P.S.: I really hope you're right about Dash. My gut feeling told me to buy some last year, when they were at $89. I thought it would have reached its limit by now, but apparently, the future looks bright 👍

Hi @mike314-0005 - That's awesome that you got into Dash at $89! Well done man!

I can't give you advice as I'm not a financial adviser, but something I learned a while ago is to always take a little profit when up a good chunk. I hate doing it myself as I get very attached to the dream of the 60,000% ROI sometimes, but you never know what will happen. Profit taking is a key part of portfolio management. I go find my next investment when I feel the need to take profit is coming so I'm well prepared and can revel in watching the new position take shape. Also great when that new position starts to show positive signs as well!

I hope my thoughts for Dash are right. I feel that I've calculated risk well so going high or low won't hurt me, but as I've been saying on my blog, I think there are not just good signs in the technical analysis (which some very good analysts seem to disagree with I must say), I also think Dash has matured well and still has the team and community behind it to rally further. Time will tell!

I said in response to your earlier comment on VTC that sometimes your gut feeling is your subconscious putting the pieces together for you. Just be sure you can tell the difference between the wisdom and and flip side "FOMO" it can bring to the game!

A few months back when KuCoin launched, I read up a lot on KuCoin Shares (KCS). I loved the idea so I kicked off a plan to start building a serious position in them. I calculated the holding would be high risk as I was going in as an early investor and they didn't have any KYC or much of a tech stack behind them, but kept my targets realistic and executed the plan. I had quite a few of them that I bought between $0.35 and up as high as $0.85.

My dollar-cost average was bang on though, around $0.55. Anyway, the exchange had lots of problems and the FUD from the community (and some unscrupulous competitors) was ridiculous. My gut told me all was great and the holding made great sense, but after more problems and more FUD, my logical side kicked in and told me I was being stupid and should back out a little. You know what's coming.....

I sold half of my position over a few weeks late November through December, then January landed and KCS went up 4,888%....Don't get me wrong, I was still happy with the profits I made after selling at a peak of $20 and getting an average of $15 each, but man did I miss a pay day then. True story! You'll see HERE how early I was getting onboard the KCS train.

5,000% paydays come around very few times unless you're throwing money at anything you can speculate on. Even if you do your homework, you'll generally find after a few hours of digging that something ain't right and give up. But hey, that's the game!

Don't ever go in with just the gut, but sometimes you'll kick yourself for not listening to it. Sure, it's done you well on Dash! :)

I hear what you're saying about the news and media these days. I read around 10-15 different news sites throughout the day. Not to buy in to what they are saying, but mainly to prepare for incoming panic sales caused by the FUD they constantly dish out. I kind of laugh it off, but it really is pretty bad sometimes as I know a lot of people lose money when they panic and sell up at a loss.

Some great suggestions for reviews and analysis there so I will try to cover them as best I can. Monero is not a strong point for me. I've never held it or wanted to so far, so I might not be the best person to review it, but I'll certainly review the price action and do my best to look into the tech and wider market effects on it.

I actually held both Golem and BAT before. I'm not sure if the team from Brave Browser took up the offer, but Vinny Lingham from Civic was trying to get them to use Civic for the KYC they needed to do in order to pay out BAT to users. Two very good and admirable projects, but many things to consider such as competitors and timing!

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When I first started On Steemit A Post Like This Would Have Gotten 20 in Upvotes at least and 100 Comments. It is possible it has gotten so big posts are lost in time. This is why if we kept to around 10,000 Members we could all support each other and see the content from each other primarily. Several community groups will be what a member needs in the future. We are growing slowly but surely.

Thanks @steemthat ! I agree that I think it's a big ocean out there. It's great to see Steemit growing though!

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