OKCash has seen a huge run up the past couple of days while everything else has seen a large flight of liquidity. It could potentially keep going up from where it is, but it appears most likely to correct before making much progress upwards. Right now it is barely hanging on to the 10 period VMWA on the H1 chart. There are huge walls of sellers around 0.000083 BTC and again near 0.00009 BTC. So even if we do break the high, the risk/reward ratio doesn't favor an entry here. Divergence on the RSI is indicating ebbing momentum as well. I will be looking to enter at 2 possible different points depending on how the price action and shorter term time frames look near those levels.
The first buy zone would likely be good for a smaller swing back up to near the 0.00008 BTC level, and it has less of a chance of continuing to push past that. OKCoin has a lot of momentum at the moment so it is entirely possible that it only needs to correct to this level before continuing upward.
The second buy zone comes in at the confluence of the 50&100 period VWMA's, lower Bollinger Band, 50% Fibonacci retracement, and a strong previous support level near the psychologically important 0.00005 BTC level. Overall it appears very likely to hold this level if it makes it down that far, and this is the scenario that appears most favorable for a quality swing entry.
This coin has had an amazing bull run the past couple days, and I would expect a lot of speculative traders to look to take profits near the current record highs. The current sellers shown on the order book strongly support this, and the buy orders don't start to get heavy until between 0.00005 - 0.00006 BTC. Fundamentally this cryptocurrency does appear to support it's increasing valuation. They have over 200k followers on twitter, and a huge slate of releases/updates planned over the next couple months. Sentiment generally appears very strong over the long run.
- twitter.com/OKCashCrypto
The first buy zone would likely be good for a smaller swing back up to near the 0.00008 BTC level, and it has less of a chance of continuing to push past that. OKCoin has a lot of momentum at the moment so it is entirely possible that it only needs to correct to this level before continuing upward.
The second buy zone comes in at the confluence of the 50&100 period VWMA's, lower Bollinger Band, 50% Fibonacci retracement, and a strong previous support level near the psychologically important 0.00005 BTC level. Overall it appears very likely to hold this level if it makes it down that far, and this is the scenario that appears most favorable for a quality swing entry.
This coin has had an amazing bull run the past couple days, and I would expect a lot of speculative traders to look to take profits near the current record highs. The current sellers shown on the order book strongly support this, and the buy orders don't start to get heavy until between 0.00005 - 0.00006 BTC. Fundamentally this cryptocurrency does appear to support it's increasing valuation. They have over 200k followers on twitter, and a huge slate of releases/updates planned over the next couple months. Sentiment generally appears very strong over the long run.
- twitter.com/OKCashCrypto