$AMP/BTC Technical Analysis Dec. 16, 2016.
Hello Steemers!
Doing a Synereo chart today.
I think it's interesting to look at AMP since it might become a direct competitor to STEEM.
AMP is currently ranked 48th on the coinmarketcap and has had a pretty active trading history.
To find out more about Synereo, check out their website, blog or BCT thread:
Website - http://www.synereo.com/
Blog - http://blog.synereo.com/
BCT thread - https://bitcointalk.org/index.php?topic=995987
As always, giving u the clean charts first
1 week chart Poloniex -clean - Dec. 16, 2016
On the weekly we can clearly see how AMP has had some nice trading since it got added to Poloniex.
Started the of with an all time high at 0.000295 BTC after which it spiked down to mark a all time low at around 4.8k satoshi.
over the course of a couple weeks it gradually went down to its all time low levels, finding support there and starting a trend change.
The uptrend lasted for about 3 months and had its peak at 0.000432 BTC. After getting pulled back to the 30k levels, it tried to keep the high prices but failed and started to go down to it's all time low levels, slightly above which it is being traded at the moment.
1 day chart Poloniex -clean - Dec. 16, 2016
On the daily we can see how sharp the downtrend was at some points, the price was heavily dumped first stopping at around 13k satoshi, then at the all time low levels.
Next up, the lines. Added them on the daily chart
1 day chart Poloniex -lines - Dec. 16, 2016
Since it ended up with quite a few of them up there, I used the fib to clean out some I think are less important.
From here we can already see that there are some accumulation zones between the all time low of 4.8k satoshi to 10k satoshi, and another, smaller one, looks like its ranging from 0.00013 to 0.000172 BTC.
1 week chart Poloniex -lines - Dec. 16, 2016
Took a snapshot of the weekly after cleaning the charts (after the fibs cos it was simply a mess).
Pulled up a fib to help me clean out the mess I made with the lines.
1 day chart Poloniex -fib - Dec. 16, 2016
1 day chart Poloniex -fib + cleaned out - Dec. 16, 2016
After removing some of the lines, the fibonacci shows me that there seems to be a major accumulation level all the way up to 14k satoshi, with the most density of the market sitting in the area bellow 10k satoshi.
1 week chart Poloniex -fib - Dec. 16, 2016
On the weekly we can see how the price needed some time to go bellow the 14k satoshi line and enter the major accumulation zone bellow it.
What to expect next?
On the daily chart:
1st (green) - The price starts doing sharp spikes reaching up to ~14k saotshi, the first fib line
2nd (yellow) - The price slowly progresses throughout the lower accumulation levels going towards the ~14k satoshi line to test the top of the first major accumulation zone.
3rd (red) - The price goes down to make new all time lows on Poloniex
On the weekly chart:
1st (green) - The price enters a pretty haard uptrend and uses the momentup to spike to about 28k satoshi pretty fast
2nd (yellow) - The price enters a mild uptrend slowly breaking through the first accumulation zone
3rd (red) - The price goes down to make new all time lows on Poloniex
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!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
Please post the links to your TA's posts into the comments as well!
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 :)
Great post OZ. There are several reasons why I would stay away from AMP. The main one being they dont even have a working blockchain of their own yet. They are operating off of the OMNI chain. No thanks. I will take a look once they launch their own chain and have a product I can actually use. STEEM is very unique from an economic aspect. The way STEEM has monetized attention and attached it to STEEM is one of a kind so far.
well for the time being its not even a discussion that steemit is better, synereo didnt even lunch yet, and I agree, STEEMIT does have an unique economy. Didn't know they operate off of the OMNI chain, ha, good info to have!
but as u said let's see what it looks like when they put their platform out
P.s. Thank you!
If the ongoing dispute between the 2 Synereo founders is truly happening, then I'm not sure what the future of their project will be. Reference: https://steemit.com/synereo/@stellabelle/why-i-just-sold-all-my-synereo-amps
Then again, it's been said that the best time to buy is when there is blood in the streets!
Thanks for the Metal Video! New song for me, it rocks! \m/
Yes the dispute is real, and settled. From my understanding the former CTO requested funds to develop RChain (a new type of blockchain that claims significant innovations and scalability) and his request was denied by the CEO and Investor Board as it implied a larger budget and longer timeline. https://blog.synereo.com/2016/12/03/synereo-update/
From the activity of their respective Slack channels it seems Synereo and RChain will proceed separately.
hmm interesting indeed,thanks for this info! take care everyone! as said im only on the chart side, very rarely looking at the forums or other,,,
yep, amazing song,,, Fun fact! it's female singer and Alexi Laiho is in the band as lead guitar , the vocalist of children of bodom ;)
COMMENT
My thinking on AMP is that it has likely reached it's bottom.
Hoping to see it slowly progress through the lower accumulation zones to 14k satoshi,
and doing a nice big wave with 14k as a top of the wave.
Looks like AMPs have already done their pump and dump. What motivation is there to consider Synereo further?
Only a "speculative" motive, a hairy one. If you're buying AMPs, you're betting that the founders' feud will end and Synereo gets its act back on track.
Not a bet I would make: I saw what happened to Reddcoin...
RS for you as usual
RS for you sir! I have had a long day with my injuries so I am wiped out.
Have a nice weekend, have some fun.
Nice analysis.
How did you get the weekly chart on Polo? which app or website?