BECOMING RICH - EP. 6. - Counterparty Rising
I have been right on XCP, and already made +54% Profit on this investment. I have been calling the rise of Counterparty since last month:
- https://steemit.com/money/@profitgenerator/becoming-rich-ep-2-first-investment
And also emphasizing it again a few weeks ago: - https://steemit.com/money/@profitgenerator/becoming-rich-ep-5-counterparty-moving
I believe the rise is not over yet, despite making nice profits in a relatively short amount of time. I believe all price rise is exponential due to the greed emotion of the traders which means, that as time progresses the % of daily increase in price grows in an accelerated pace, until the price rise halts.
So we had to wait 3 weeks to make this far, but I believe the price rise is not over yet, and there is more to come once investors find out the good news, that is very obscure in this area.
I suspect the recent price rise was done by a specific event, namely the so called "Databits ICO".
Databits is a token that is hosted on the XCP blockchain, a sort of asset or smart contract of it. They started their ICO on Jan 30, and only now the price is starting to rise. In fact there is definitely a correlation, because the big price spike was happening right after Jan 30 when the ICO started
https://poloniex.com/exchange#btc_xcp
So we have a bullish trend fueled by the Databits ICO that could last until Feb 28, and already raised 797 BTC. Given that 16 have already passed, and there are 14 more left, I assume a decay formula as the worst case scenario for the "funding", and I estimate the shape of the decay from the trading volume of the past 14 days.
I estimate the fundraiser to raise 1444.80 BTC in total, so that leaves us with 45% to go. Which means that an additional 647.80 BTC is still oncoming, but I only count half of that, as half of that can be "down pressure", it take 2x as much buy pressure the tip the balance of the status quo.
So that would be 323.9 BTC buy pressure, which at the current market depth, would shoot the price up to 0.0067 BTC, meaning that the price can still rise +76.5% to go up.
But it's just speculation, however the 0.0067 level looks to be a resistance levels for all the technical analysts there, so I guess many people would take their profits at that level, so it's reasonable to assume that the price will go at least that high up.
Of course there are other speculators too, so this is the worst case scenario. I believe it can go even higher!
But in any case that will be a minimum +170.5% profit for me, which I think I deserve after all this forecasting.
Disclaimer: The information provided on this page might be incorrect. I am not responsible if you lose money using the information on this page! This is not an investment advice, just my opinion and analysis for educational or entertainment purposes.
Sources:
https://poloniex.com/exchange#btc_xcp
http://www.augmentorsgame.com/token-sale-ico
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Nice blog. Interesting to see I'm not the only one that is thinking about this. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. Do you know this interesting site? https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto. Go to: https://www.coincheckup.com/coins/Counterparty#analysis For the Counterparty Research report