I can't identify any significant patterns here other than a clear tightening downtrend. It is moving down on low volume, and there is no strength in the trend. Stoch RSI shows it is already being oversold, which can facilitate the downtrend but is also a precursor for a reversal. The SAR indicator supports the downtrend hypothesis, but ADX confirms the trend is weak.
Fib time zones indicate another event in price action around August 20th, and judging by the strength of the trend, it is likely. A strong resistance area from the past is on the way, which makes me believe the downtrend will get stuck around that area. It will also hit the resistance line of the downtrend. At that moment, unless volume increases or TenX-related news comes out, it is likely to trend sideways within the confines of the resistance zone between fib levels 0.6 and 0.7 for some time.
Unless there is a strong sign of reversal, August 20th looks like a good day to buy wherever the price falls within that resistance zone at the time. At the moment, I see it unlikely to reach level 0.7.
0.00072-0.00075 looks like a good area to invest.
Thoughts? Have I overlooked anything? Maybe missed a pattern? Let me know!
Looks good, just to mention the order book on Bittrex looks insane as of now. Big buy wall at 0.00085003
HumbleDumbell
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@Nightblood, Good point. I saw the same thing for Neo. Lots of buyers at the current price level for the trendy coins right now. I wouldn't go all out at this price level, personally, but it does seem to be a decent buy opportunity.
UnknownUnicorn1081681
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@HumbleDumbell, Yeah personally i will be waiting to buy in at the zone you have shown.
HumbleDumbell
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@Nightblood, I noticed that OBV hasn't changed since August 12th for TenX. It may break out without even reaching the resistance zone. I'd definitely buy a little bit now, maybe a third of intended investment. If it goes up, it is a win, if it goes down, you can still buy more lower and balance it like that.