GBYTE-BTC 148.58% Profit Potential, undervalued and low supply!
This is my technical analysis for GBYTE, one of my favorites for practical reasons. As far as price goes, this is a sleeping giant. With a current market cap of ~$395.37mil USD, a circulating supply of 645,222 GBYTE, and a total supply of 1mil GBYTE. Considering supply and demand, this thing is terribly undervalued based on fundamentals alone. But beyond that, consider what GBYTE has to offer — byteball.org
I’ve used their P2P payments system myself via their messaging app and it’s seamless, the fastest money transfer I’ve ever seen.This is the way digital money is supposed to move - instantaneously and securely. You can convert your GBYTE into Blackbytes, which allow for anonymity within the GBYTE system. GBYTE has also released at least one ICOs on top of their platform (www.titan-coin.com/), something to look out for in the future of crypto. Projects that provide a strong platform for newer projects to leap from will be the behemoths of this industry.
All that said, this daily chart and the global Fib doesn’t give us too much useful information. Because the crypto industry is so young, it is difficult to do reliable technical analysis on longer time frames on many of these assets. But for the sake of humoring you, I see that the long-term bearish sell-off has nearly completed and the market has found a renewed interest in GBYTE. The Ichimoku cloud (altered parameters, see youtu.be/J3t2Tsn_Imk) has flipped to bullish right at the end of this bullish flag, which itself is an almost symmetrical triangle and I suspect it will break bullish. One reason being the very long-term downtrend has been broken and it has weathered the recent BTC/ market correction / FUD campaign quite well.
Notice how the 50 and 200 MA are about to have a golden cross exactly where one would expect this asset to reach its absolute maximum pinch-point before a decision in the market must be made, nearly forming a triangle pattern in their own right, and that aligns perfectly with the overall market doing about the same. Volume has decreased significantly and I see beautiful divergence in the RSI. A falling wedge has formed on the RSI, indicating in this case both a bullish reversal incoming, as well as current hidden bullish divergence (See more on divergence here: www.babypips.com/lea...vergence-cheat-sheet). That’s quite a lot of bullish signals aligning for GBYTE, considering all of the fundamentals that I've laid out.
Now for some price targets, I know you guys love those ballpark randomly generated numbers ;) Potential profit targets visualized as blue horizontal lines.
My targets are astronomical primarily for the fundamentals listed above as the price-to-supply ratio is heavily suppressed imo, but also for this reason: Typically in crypto markets, projected moves from triangle breakouts and continuation patterns can be expected to be double that of their traditional counterparts. Second, when this overall market turns around I expect the value to explode, because those new to crypto are surprisingly more often than not more interested in alternatives to Bitcoin. I tried to find some more solid targets using Fibonacci here but for reasons mentioned before regarding the immaturity of the market, the global Fib and trend-based Fib extension tools can only be so reliable. That said, I adjusted the targets to align better with the global 38.2% retracement and historic congestion zones.
Target 1: 0.08340510
Target 2: 0.12245792
Target 3: 0.15557028
I’ve used their P2P payments system myself via their messaging app and it’s seamless, the fastest money transfer I’ve ever seen.This is the way digital money is supposed to move - instantaneously and securely. You can convert your GBYTE into Blackbytes, which allow for anonymity within the GBYTE system. GBYTE has also released at least one ICOs on top of their platform (www.titan-coin.com/), something to look out for in the future of crypto. Projects that provide a strong platform for newer projects to leap from will be the behemoths of this industry.
All that said, this daily chart and the global Fib doesn’t give us too much useful information. Because the crypto industry is so young, it is difficult to do reliable technical analysis on longer time frames on many of these assets. But for the sake of humoring you, I see that the long-term bearish sell-off has nearly completed and the market has found a renewed interest in GBYTE. The Ichimoku cloud (altered parameters, see youtu.be/J3t2Tsn_Imk) has flipped to bullish right at the end of this bullish flag, which itself is an almost symmetrical triangle and I suspect it will break bullish. One reason being the very long-term downtrend has been broken and it has weathered the recent BTC/ market correction / FUD campaign quite well.
Notice how the 50 and 200 MA are about to have a golden cross exactly where one would expect this asset to reach its absolute maximum pinch-point before a decision in the market must be made, nearly forming a triangle pattern in their own right, and that aligns perfectly with the overall market doing about the same. Volume has decreased significantly and I see beautiful divergence in the RSI. A falling wedge has formed on the RSI, indicating in this case both a bullish reversal incoming, as well as current hidden bullish divergence (See more on divergence here: www.babypips.com/lea...vergence-cheat-sheet). That’s quite a lot of bullish signals aligning for GBYTE, considering all of the fundamentals that I've laid out.
Now for some price targets, I know you guys love those ballpark randomly generated numbers ;) Potential profit targets visualized as blue horizontal lines.
My targets are astronomical primarily for the fundamentals listed above as the price-to-supply ratio is heavily suppressed imo, but also for this reason: Typically in crypto markets, projected moves from triangle breakouts and continuation patterns can be expected to be double that of their traditional counterparts. Second, when this overall market turns around I expect the value to explode, because those new to crypto are surprisingly more often than not more interested in alternatives to Bitcoin. I tried to find some more solid targets using Fibonacci here but for reasons mentioned before regarding the immaturity of the market, the global Fib and trend-based Fib extension tools can only be so reliable. That said, I adjusted the targets to align better with the global 38.2% retracement and historic congestion zones.
Target 1: 0.08340510
Target 2: 0.12245792
Target 3: 0.15557028
Comment:
Disclaimer: All trading ideas are my own and the information here is for educational purposes only; not trading advice.
Comment:
GBYTE has broken out of the symmetrical triangle bullish on large volume. Is this the bull signal we were looking for?
