Hi all dear people.
Last time I posted my chart about NavCoin, it was my first chart about NAV.. and I knew I cannot expect much from a newbie, like a myself :-D ... So I must admit, It didn't do that well. .. Hmm, on the other look, it didn't do that bad either :-), I just to have to learn on few more points.
So what happened? And what's going on now?
Let's have a look: Previously I posted descending wedge - now in green and I was wondering if it will lead to any action ... well as it was a wedge I did guess, that price would spring up for this coming spring. Weell .. kind of. Pretty lazy price. When it left the wedge, it actually made few strides in the direction, it was supposed to, good kid ... however .. well lazy one - no volume behind it. Do you see it? There was no buying volume ... Yet there is NO selling volume either... and already for a while. So the price made a move and stiffed on the boundary of a new trendline above .. and came back. (after I finished writing this it repeated the trick! heck! 2 attempts now)
And so we have apparently new descending wedge - slightly bigger... loonger takes another 14 Days to squeeze the price to it's tip. It has three pivots and it is touching on the whigs - the maxima of the price this time.
No volume. No new buyers. No one interested. And those holding coins don't let themselves be shaken of their beloved coins. They have their reason to trust in the coin, right? So no sellers. ... wedges, triangles and pennants are normally producing hesitation in its end .. on what direction might the price swing at the tip? However this time it should not be that difficult to predict it. Both from the price action and fundamentals. ... (just the magnitude ... will it be noteworthy?)
Although the magnitude of the swing will depend on the volume of the trade, I see the swing to happen. In about 10 days (half of March) And that I think to be overwhelmingly in the upside.
Price action:
1) RSI is really just just arriving at the oversold position for 1 Day chart (deep purple in this chart)
2) Well it is actually descending wedge (if not pennant)
3) The previous price action was to the upside ... it changed direction merely because the weakening Bitcoin started to suck all the blood from all the altcoins. So the previous action was up ... than it started to create wedge .. and we have maybe even pennant. If that would be the case we might look for the flagpole (trying to have one in orange)
Fundamentals:
1) Underlying action of Bitcoin. Bitcoin finally pierced through it's descending channel boundary, bullish sentiment arrived for the spring ... and Bitcoin holders are going to come home to buy back their abandoned positions. (to get there first, to get them first for a cheep price). Revival of altcoins will start slowly ... It may take yet few days before BTC solidify itself enough (or fail)
2) Fundamentals of NAVCoin did not deteriorated (remember the advice/storry of W Buffet and Coca-cola?). It was growing before as a cheap, undervalued and fast, privacy coin of the Bitcoin family, with PoS (!) consensus - with a side chain. On the contrary .. new roadmap have brought unexpected news - the VALENCE!
3) VALENCE. Roadmap did bring many other things. Reviews I have read were very pleasant in general. However I was most intrigued by the main news in there - VALENCE.The sidechain's architecture is being tweaked and forged into a PLATFORM! That being said. Alongside the Obsidian (ODN - on Cryptopia), which is privacy Stratis fork, NaveCoin is the only platform focused on PRIVACY. However NaveCoin is much bigger brand than ODN (having nice growth itself) already before it became platform. And now it's roadmap for VALENCE is pretty detailed and ambitious.
Soo .. one think I will not try to answer, please help and share your ideas! How far up will the price go? Will there be enough volume to skyrocket it? Will it wane?
Your curious colleage
Reo
Last time I posted my chart about NavCoin, it was my first chart about NAV.. and I knew I cannot expect much from a newbie, like a myself :-D ... So I must admit, It didn't do that well. .. Hmm, on the other look, it didn't do that bad either :-), I just to have to learn on few more points.
So what happened? And what's going on now?
Let's have a look: Previously I posted descending wedge - now in green and I was wondering if it will lead to any action ... well as it was a wedge I did guess, that price would spring up for this coming spring. Weell .. kind of. Pretty lazy price. When it left the wedge, it actually made few strides in the direction, it was supposed to, good kid ... however .. well lazy one - no volume behind it. Do you see it? There was no buying volume ... Yet there is NO selling volume either... and already for a while. So the price made a move and stiffed on the boundary of a new trendline above .. and came back. (after I finished writing this it repeated the trick! heck! 2 attempts now)
And so we have apparently new descending wedge - slightly bigger... loonger takes another 14 Days to squeeze the price to it's tip. It has three pivots and it is touching on the whigs - the maxima of the price this time.
No volume. No new buyers. No one interested. And those holding coins don't let themselves be shaken of their beloved coins. They have their reason to trust in the coin, right? So no sellers. ... wedges, triangles and pennants are normally producing hesitation in its end .. on what direction might the price swing at the tip? However this time it should not be that difficult to predict it. Both from the price action and fundamentals. ... (just the magnitude ... will it be noteworthy?)
Although the magnitude of the swing will depend on the volume of the trade, I see the swing to happen. In about 10 days (half of March) And that I think to be overwhelmingly in the upside.
Price action:
1) RSI is really just just arriving at the oversold position for 1 Day chart (deep purple in this chart)
2) Well it is actually descending wedge (if not pennant)
3) The previous price action was to the upside ... it changed direction merely because the weakening Bitcoin started to suck all the blood from all the altcoins. So the previous action was up ... than it started to create wedge .. and we have maybe even pennant. If that would be the case we might look for the flagpole (trying to have one in orange)
Fundamentals:
1) Underlying action of Bitcoin. Bitcoin finally pierced through it's descending channel boundary, bullish sentiment arrived for the spring ... and Bitcoin holders are going to come home to buy back their abandoned positions. (to get there first, to get them first for a cheep price). Revival of altcoins will start slowly ... It may take yet few days before BTC solidify itself enough (or fail)
2) Fundamentals of NAVCoin did not deteriorated (remember the advice/storry of W Buffet and Coca-cola?). It was growing before as a cheap, undervalued and fast, privacy coin of the Bitcoin family, with PoS (!) consensus - with a side chain. On the contrary .. new roadmap have brought unexpected news - the VALENCE!
3) VALENCE. Roadmap did bring many other things. Reviews I have read were very pleasant in general. However I was most intrigued by the main news in there - VALENCE.The sidechain's architecture is being tweaked and forged into a PLATFORM! That being said. Alongside the Obsidian (ODN - on Cryptopia), which is privacy Stratis fork, NaveCoin is the only platform focused on PRIVACY. However NaveCoin is much bigger brand than ODN (having nice growth itself) already before it became platform. And now it's roadmap for VALENCE is pretty detailed and ambitious.
Soo .. one think I will not try to answer, please help and share your ideas! How far up will the price go? Will there be enough volume to skyrocket it? Will it wane?
Your curious colleage
Reo
