There's been a lot of movement lately in the cyrpto space. Burst has held it's position relatively well compared to many other alts. In my previous post about Burst, you see the potential large C&H on the 1 day, which the handle is still currently being formed. Looking at the 1hr time frame, you see another C&H, although this one has very recently been complete. In many C&H's, after the handle is formed to verify the C&H, a small dip comes, (as happening now), before the rocket leaves the station. What's also interesting is you can see a pennant has formed on the 1 hour. This is another bull indicator. Looking at the BURSTBTC buy/sell on Bittrex, while not taking into perspective any stop-limit orders, the next resistance is around 0.00000330-....340.
Take into account, there was a very recent dip around the 0.0000095 mark, this dip was still higher than the previous dip around 0.0000087. Although a drop back to the 0.0000095 mark is still a potential scenario.
Take into account, there was a very recent dip around the 0.0000095 mark, this dip was still higher than the previous dip around 0.0000087. Although a drop back to the 0.0000095 mark is still a potential scenario.
Comment:
The 0.00000370 was a strong resistance and we dropped as low as 0.00000242 which can be considered a good sign. Looking at the pattern, it seems to be creating an uptrend bull flag. If it breaks upward, we can expect a push toward 0.00000423 which is the next big resistance. If this is the case, then were in the first Elliot wave.
Also, this small 0.618 retracement back to the 0.00000350 mark was the small dip that can be seen after creating the handle on a C&H.
I would expect strong upward momentum in the coming days and week.
The 0.00000370 was a strong resistance and we dropped as low as 0.00000242 which can be considered a good sign. Looking at the pattern, it seems to be creating an uptrend bull flag. If it breaks upward, we can expect a push toward 0.00000423 which is the next big resistance. If this is the case, then were in the first Elliot wave.
Also, this small 0.618 retracement back to the 0.00000350 mark was the small dip that can be seen after creating the handle on a C&H.
I would expect strong upward momentum in the coming days and week.
Comment:
0.00000242 should be 342
Comment:
On contrary to my bull flag theory, burst is forming a bullish pennant. It seems to be near the end before it makes a strong move. While this is a bullish indicator - with very good odds of increasing - to minimize risk, wait for the pennant to break upward to verify the up trend.
Comment:
So we seemed to make a small break out of the bullish pennant on the 1hr frame. Yet because of all the resistance around the 0.00000370 - as you can see from the increase in volume - it's slowly making progress. It looks very likely that the bulls will win and push past this resistance and toward the 400sat and 423sat resistance. The uptrend were on isn't breaking lower than the uptrend support as you can see with the furthest right blue line. In the short term, I would predict that we will get around 400sat then make a small retest around the new 375sat support line. If there is a dramatic shoot upward - as a smaller market cap coin could make, then keep watching the RSI, volume, MACD which will allow us to sell at the appropriate times.
So we seemed to make a small break out of the bullish pennant on the 1hr frame. Yet because of all the resistance around the 0.00000370 - as you can see from the increase in volume - it's slowly making progress. It looks very likely that the bulls will win and push past this resistance and toward the 400sat and 423sat resistance. The uptrend were on isn't breaking lower than the uptrend support as you can see with the furthest right blue line. In the short term, I would predict that we will get around 400sat then make a small retest around the new 375sat support line. If there is a dramatic shoot upward - as a smaller market cap coin could make, then keep watching the RSI, volume, MACD which will allow us to sell at the appropriate times.
Wow, burst has been making some strong gains lately. The recent C&H on the 1hr frame gave us a small bull run to 0.0000370 - giving us more than 10% gains in a single day.. Looking at the fibonacci retracement, we see that we broke the 50% line around 0.00000355 earlier. Now were hitting the 0.00000370 - which has validated the 1 day frame C&H for us. With very good odds, we can still expect strong gains to the next .618 fib resistance @ 0.00000423 and potentially more. Although, like many C&H's a small drop may come before shooting off to the next resistance. This is due to early investors cashing out - and the ones not aware of the HF, which may be less than a week away. Less hope some FA from the HF will be as rewarding as the TA we have been receiving. Until then, happy trading.