Not only did we rally close to $75 in Bitcoin value, but we pumped by 120% since the recent $0.50 bottom (USD). I'm just as proud of this call as I am of my TRX call back in November/December. We blasted past my initial target of 2200, and have been consolidating pretty well in the 2500-2600 zone. If we break the previous high, it's possible we can venture up to the next major resistance around 3200, and even all the way towards 4300. This coin has a history of going parabolic once it gets going, so I'd be careful about taking profit too early. However, if the market decides to test lower levels, we can head back down to test the 2000-2200 zone as support.
Anyway, the reason why I was able to predict this pump is by assuming accumulation based on volume and price action. As you read in my previous ONTBTC analysis (linked below), the volume was much higher than the previous consolidation period, and we also successfully broke out of the downtrend and tested it as support. Even though I bought at 1700/$0.60, I wasn't tricked by the move lower, since I simply saw this as part of the accumulation process. Obviously it was a risk, but making this call proves that my analysis has improved.
These are just possibilities I'm looking at. This is a forced long term hold for me, since nearly my entire stack is staked. Should have bought some for trading, but that was all I could afford at the time.
This is not financial advice.
-Victor Cobra
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The bullish structure remains intact for now. If we break down from this ascending triangle pattern, we may have to target the levels marked with red X's to test for newfound support
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Oops, I meant close to 75% in Bitcoin value, not $75. Sorry for the typo.
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Looks like we've begun to break down, meaning we will probably experience some sort of correction...unless the bulls step in now, in which case this will just look like a fake dump.
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If Bitcoin remains stable/up, it's possible we will get back into the uptrend. I'd wait for confirmation before entering any sort of trade though.
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Alright, back in the uptrend : )
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I'd wait until our hourly candle confirms above the blue support before entering, if you were thinking of doing so. This might be a fake move.
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Looks like we've begun a bit of a retrace.
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We've made it down to the first support level. If we fail to hold here, we will likely dip down to the 2100-2200 zone.
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Bouncing a bit now. It's possible that we are about to make the next leg up. We'll see what happens - as long as Bitcoin doesn't drop hard - though things are looking a bit weak at the moment.
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If we can get back above the broken support now, that would be a good sign that this wants to continue up. Otherwise, we're just testing it as resistance and should retrace a bit more.
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We've made it to my first target for the correction. Below here, we have the 1900 area as support, and the diagonal blue line. However, I think a retrace that heavy would start to not look bullish anymore. We need the market to hold this level, I think, to avoid a crypto-wide selloff.
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We wicked a bit below support here, but we were quickly bought up. We might be in store for a larger bounce.
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And there you go. Let's see if we can close this daily candle above 2300. This would be very bullish, and I think would indicate another test of 2700-2800 soon.