I wanted to post this one earlier which could have helped better probably, but I was too busy trading this myself.
There was an interesting rally going on with Ravencoin (RVN), which gained (and still has) unbelievable volume and dito... FOMO.
A few coins were trying to catch up, but only GO had the right set-up.. not too nice, but doable for a 'cup and handle'.
I only consider the binance chart, because I know there's a longer history, probably on Bittrex.
The introduction of new coins have great potential, mostly after a short sell-off to test new investors, like Gochain.
That's why binance is big influence even if it's not a new coin.
Only on this chart we can see a possibility for a regressional wave 4 commencing.
I also mentioned RVN, because it was rallying to achieve the 1000 satoshi, while right after GO just surpassed the 1000 sats.
As this is always a psychological barrier, it did go down from there.
We are now waiting and watching how far it could drop. If we stay above the high of wave 1 (837 sats) there should be a 5th wave
ending around the 1180 sats.
All depends of interest and FOMO.. and bitcoin of-course.
Only in August & September we rallied at an identical height of around 1000 sats as well.
So this is clearly a resistance to overcome.
On a smaller scale (maybe 5-15 mins) we are ending a descending wedge with a support at the 900 sats or 50 % retracement.
If we go below that, retracement will be definitely larger.
Another thing: if volume keeps going up, there will be chance for a continuation... the whole way up was achieved with less than 1K volume.
We are now nearing the 2K, so all attention goes to GO.
There was an interesting rally going on with Ravencoin (RVN), which gained (and still has) unbelievable volume and dito... FOMO.
A few coins were trying to catch up, but only GO had the right set-up.. not too nice, but doable for a 'cup and handle'.
I only consider the binance chart, because I know there's a longer history, probably on Bittrex.
The introduction of new coins have great potential, mostly after a short sell-off to test new investors, like Gochain.
That's why binance is big influence even if it's not a new coin.
Only on this chart we can see a possibility for a regressional wave 4 commencing.
I also mentioned RVN, because it was rallying to achieve the 1000 satoshi, while right after GO just surpassed the 1000 sats.
As this is always a psychological barrier, it did go down from there.
We are now waiting and watching how far it could drop. If we stay above the high of wave 1 (837 sats) there should be a 5th wave
ending around the 1180 sats.
All depends of interest and FOMO.. and bitcoin of-course.
Only in August & September we rallied at an identical height of around 1000 sats as well.
So this is clearly a resistance to overcome.
On a smaller scale (maybe 5-15 mins) we are ending a descending wedge with a support at the 900 sats or 50 % retracement.
If we go below that, retracement will be definitely larger.
Another thing: if volume keeps going up, there will be chance for a continuation... the whole way up was achieved with less than 1K volume.
We are now nearing the 2K, so all attention goes to GO.