CVC was just added to poloniex, after the usual first gap it bounced and it is starting an uptrend, a fundamental indicator that it might be a long solid uptrend coming.
Besides that, we have a clear ascending triangle supported by a Fibonacci retracement level and the uptrend MA. The STOCH and RSI show a healthy movement to the positive area which indicates a controlled but solid movement up which is good especially near the end pressure zone in the triangle, definitely to be watched.
Short/mid term we can expect sell targets at all fib levels. If you go for a long position, I believe to be a good idea and timing.
I'm pretty new at this and would humbly like to know if you considered market manipulation on Bittrex in the above T/A. They have much larger CVC volume and looking at the orderbook recently it's pretty clear that the price is often forced up by bots then slowly drops to a massive buy walls set by whales. With a possible 5th wave correction expected on BTC I doubt CVC will continue uptrend very long. Just my opinion, not disputing the above. Would appreciate some feedback so I can learn more.
spectertrading
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@TheCryptologist, good question. Yet it's something that we can only talk about in the hypothetical world because there's not enough information to make affirmations. I trade mostly on POLONIEX, but I have to say that every once in a while I do see a lot of suspicious behaviors going on in the order book. However, all we can do is to play along right?
Since we have a good volatility in this market you can still make some decent profits if you establish safe buy triggers, for instance, this trade was a clear NO, it never even tried to reach the support. Especially me, because I try to trade in smaller frames of time in this market.
Also, I don't like to predict much about the market, I just watch it and when specific set-ups appear I jump in, that's how I trade - the future is too chaotic to predict, crypto is a complete chaos :)
What do you think?
TheCryptologist
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@spectertrading, I agree with you 100% - Obviously in crypto T/A works to a certain extent and can help you make fairly accurate assumptions. However, when there is so much uncertainty and evident "market manipulation" it can't always spot on. I think CVC has amazing potential and at the moment the volume is fairly low. This might be one of the reasons some of the "big boys" are accumulating. With all the good news expected this both later this month and October, I feel CVC is a great opportunity to make money. I personally have a large portion of my holdings in CVC and hope it does very well. :)
Thanks for taking the time to reply. I appreciate it.