Inverse head and shoulder formation emerging again (clearer on the 5min chart).
Have the sell pressure ended?
Buy on confirmation: When AMPL goes above green 50 SMA and holds.
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PRISM Oscillators Set (Momentum/Acceleration Analysis)
pRSI STOCHS in an oversold state (green background)
pRSI entering Bullish phase again, piercing above its 30 VWMA; supported by hidden bullish divergence.
Snap-Osc (yellow) in the positive, pulling AJ-ribbon upwell into the positive, which in turn have pulled the momentum oscillator up back into the positive again.
Looking at the hourly chart:
Looking at the 3 hourly chart:
Comment
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Continue to be rejected by the Ichicloud, which looks to be thinning on the 30mins chart. However, it looks more like a bearish "m" pattern now. There's still a chance of a recovery pump so long as another higher low is being set.
Ampl is designed to solve the inelasticity problem and is daily adjusting supply to price demand, with the aim of finding equilibrium at 1 USD. One major benefit of Ampleforth is actually that their solution leads to a completely new asset movement pattern unlike any existing cryptocurrency or traditional asset too for that matter. Traditional technical analysis on price seems to me to be potentially misleading. Or? If you disagree, I would love to hear why etc, thanks
cybernetwork
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@Phlebas, Thanks for the explanation Phlebas. I've only just started learning about this project, and yes I am aware of what you have mention. It would be more accurate to look at the market cap instead.
That said, the algo doesn't seem to be acting on a daily frequency, or perhaps it is more gradual?
Not sure how that, which will affecting the price action, will translate to the applicability of TA. Something that I will continue to monitor privately regardless for curiosity sake. :)
But so far so good with my entry: I had bought a small amount and the absolute number of AMPL that I am holding have been increasing since in my wallet. :) Interesting concept definitely.
Think I'll be holding on to what I have gotten rather than trading it. ;)
Phlebas
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@cybernetwork, thanks for the reply. Yes, it's a very interesting project, and I'm still learning too. The price informs the supply algoritmically and supply in turn informs price (behaviorally), in cycles. And since its designed to be uncorrelated to other assets etc, it is on paper a sort of pure trading coin, it's all about anticipating others behaviour. Maybe I misunderstand this but that's how I see it. I guess fast traders can buy and then sell seconds after the rebase time before the price dips, but sometimes the dips has come before rebase time with another after distribution, so it's too risky for me :) You are right that the algo is gradual. The supply changes is executed at a fixed time every 24 hours, but they have a smoothing gradual change to avoid overcorrection. If the price is 1.50 USD the price could be offset by increasing each wallets balance by 50 %, but they instead divide it over 10 days, so if the average price for the 24 hour period is 1.5 dollars each wallet would be increased by 5 % (50 divided by 10). The last 17 days have had a an average daily rebase of close to 13 % (!!), it's unreal.