$LSK/BTC Technical Analysis "time what is time"
Hello Steemers!
Today I decided to chart Lisk.
It is a very popular new coin and allot of people are talking about it,
so I think it is about time that I analyse it.
4 HOUR AND 1 DAY CHARTS
Lisk doesn't have all too much history to chart so the time frames I'll be using will be the 4 hour and the 1 day chart.
LSK 4 hour chart Poloniex + previous highs and lows marked- Aug 11, 2016
LSK 1 day chart Poloniex + previous highs and lows marked- Aug 11, 2016
Starting off by marking the previous highs and lows as usual.
Again a mess but Lisk deserves it as it was really volatile in the short past it had.
LSK 4 hour chart Poloniex + previous highs and lows marked + fibs - Aug 11, 2016
LSK 1 day chart Poloniex + previous highs and lows marked + fibs - Aug 11, 2016
Added a fib again to help me remove some noise so I can focus on major targets of the price.
next up the cleaned up charts with levels which correlate fib levels.
LSK 4 hour chart Poloniex + clean - Aug 11, 2016
LSK 1 day chart Poloniex + clean - Aug 11, 2016
After cleaning up we are left with 5 major resistance levels, one of which we are trading at right now.
This resistance level acted as a major support level in the near past which was tested 2 times before breaking down into a new all time low.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion on the coin!
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!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
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.
Kind Regards, OZ :)
COMMENT
The price has been in a downtrend since Lisk came onto Poloniex.
There was a long accumulation period with a bottom on ~0.00043BTC before the price broke down into new all time lows, indicating that the push downwards might have been a shakeout before the uptrend.
IMHO we can expect more volume in the coming days and a break upwards into the previous accumulation zone and then an aggressive push upwards in attend to break it first or 2nd try.
I don't really see much downwards possibility as the sell volume is next to nothing, but as always, there is a risk of a whale jumping the sinking ship.
I think the context of the downtrend implies more of the same in terms of probability.. no?
I wouldn't consider downtrend as much of an option as volume on the dumps became allot lower over the time, making this look more like a shakeout.
Like this?
Thats more of a whale sauntering
The push downward was a medium sized holder dumping all of his LSK at a loss, if posts and whining on reddit are to be believed.
interesting, did he state any reason for it?
He felt that there was a lack of indication of direction with LSK. He cited a lack of a roadmap, and a general lack of desire by the dev's to generate value in the coin. He had some fair points, and some outrageous ones. To me it seemed more like he needed the funds he had tied up in it for something, and couldn't wait to turn a profit.
Probably why they say never invest what you can't afford to lose.
if you scour posts at r/lisk you can probably find who I am talking about. He certainly wasn't a friendly person. :)
cool !! thnks for sharing, @ozmaster :-)
no problem ! hope it helps!
The downtrend might only be caused by bitcoin recovering to it's $650 price point. Is it possible to get these charts in USD? Even if you chart against USD, I think you will get a drop because people who are invested in LISK are familiar with bitcoin. One can't really correct for the money moving into bitcoin as people micromange these changes to their porfolio. Yet, my feeling is that all of the drop is from bitcoin price recovery alone.
could be very likely possible, but from my experience, the BTC price movement shouldn't affect the overall movement and decisions of an alts market
@ozchartart Nice in depth analysis. I have been bullish on Lisk for quite some time and have been accumulating Lisk on the dips. The price action is very similar to many crypto coins that have pumped and dumped. I will be posting some analysis comparing the pumps of ETH and Lisk this weekend to show the similarities between the two. Of course you can find it and all my analysis @domavila #harmonictrader
Talk to you soon @ozchartart
great! i'll keep an eye for that!
I got some comparison charts in plan myself, I think it would help people understand a bit more about the movements of "particular types of coins" or rather help them sort markets into patterns which can be noticed and are common for altcoins.
Right on!! I was thinking the exact same thing, I will look forward to that. I have noticed alt coins behave in a very similar matter from the beginning of the ICO, to the ensuing pump and dump upon release. I think the ETH/BTC pair will make an excellent comparison to show what is happening with STEEM and LISK. Take it easy @ozmaster.
Here you can discover the features lisk offers:
#lisk.io/features
And here is an interesting video about the new Blockchain Application Platform:
#
Welcome to Lisk - a platform for decentralized applications & sidechains written in JavaScript! Developers can build, publish, distribute and monetize their applications within our custom built crypto-currency powered system.
@bitcointalk.org/index.php?topic=1346646
Yes but these features have been in LISK for a while, and with what happened to the DAO, I expect the LISK price to go up. Something that uses javascript may seem more attractive than a language few devs are familiar with. I don't expect to see anything useful from only one day od data. I would look at months of history, rather than hours. Day trading isn't a game I am good at admittedly.
nice post
Enjoy your branching out and charting other things, really enjoy these posts. Disclaimer, I hold a decent amount of LSK, hope it goes up so I can diversify some profits back into STEEM.
Thanks allot!
Hope for your sake it does well in the coming times :)
The chart seem pretty power, along with your past test, you can see the new all time low could be happening. Its great how you turn a mess into importance and easy to read charts. Thank you
👍nice analysis @ozchartart
You must just be paying yourself or having friends pay for you for that analysis. There is no way you get all Lisk speculators to agree with your analysis that price will rebound, let alone stabilize. Upvotes not real is my initial thought here.
Probably this guy ozchart using bots or some other method to upvote. I will research this and let everyone know.
@cryptorambler I think people just like his charts. He was one of the first people to chart the STEEM/BTC pair here and people followed him after that, I'm only speculating though and can't say either way. @ozchartart is a cool guy and answers comments. Also, he's into TA like me, so I always smile when I see a chart at the top of the trending page wether I agree with it or not. Props to all the charters out there and good to see @ozchartart art succeed here on steemit doing what he loves and that's technical-analysis.
This video is riddled with logical fallacy and misinformation. Hint: Whenever someone opens an argument with ad hominem or ad lapidem, you should probably be weary. There's some valid points which are better addressed by people who are not biased. Wouldn't use this as your sole source for why LISK is a failure.
The first comment on the video balances out any of his misconceptions, specifically about non-blocking IO, and actually highlights where it's issues lie. Less the whiny voice.