Renosbtc
Long

Skycoin is in accumulation phase

BINANCE:SKYBTC   Skycoin / Bitcoin
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Currently, Skycoin is in the accumulation phase, it has been accumulating for 120 days and this process isn't finished yet. However, the volume is growing and this is one of the signs of the final phase before the markup. The accumulation is a bit tricky - we see a lot of wicks above the resistance, fake breakouts, etc. As an example, on the 28th of February, the price moved through the resistance with an insane volume (~ 35% of all circulating supply), but closed below the level and started to fall afterward.

Also, look at the Weekly BBands and you'll see that the price is currently too compressed between the lines. A good sign for buyers is the Weekly candle closed ABOVE the Weekly MA20 (red Bollinger line).
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I advise to look closely to this chart, taking in mind that the longer the accumulation the stronger is expansion.

A good buy is a buy near the support, but I think below 300 is ok too if you're waiting for 150-200% of returns.
Below I attached the lines (this is actually areas) of the possible resistance.


Check my Ideas in a "Related Ideas" block. Thanks!
Comment: Accumulation still in place, support is respected.
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