Hi friends! Welcome to this first time analysis on Skycoin! Let's get right to it! Looking at SKY, we can see that price has been basing out just below the 50 EMA (in orange.) During that time, Skycoin has printed two lows which form an ascending trendline (in blue.) As you can see, price is now beginning to flirt with the 50 EMA, and it has even popped above it a few times. Mid to late 2018 was the only time price was above the 50 EMA. So, if we begin to see sustained support above the 50, it could be an indication of a major turning point in the market.
Skycoin is one of those cryptocurrencies that clearly tracks BTC. So, the success of SKY in the near future, is likely to depend on the movement of Bitcoin. Since I have identified several technical reasons that justify a rise in BTC to the low 4000s, that would indicate a likelihood that we will see SKY rally above the 50 EMA. If that does happen, I suspect SKY could rise to the 1.50 and them possibly the 1.81 level. Since we're sitting at 1.06 right now, that would be equivalent to a rise of 50-80%! So, if SKY can hold support above the 50, things could get very interesting.
On the MACD, we can see that an enormous bullish divergence has been printed (green trendline.) Also, the MACD is just beginning to creep above the zero line, which is close to a technical buy signal. The buy signal would be confirmed if the MACD pops higher above the zero line, and price breaks out above the 50 EMA on nice volume. So, look out for those confirming upside indicators. If they materialize, 50-80% gains could quickly folllow.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Skycoin is one of those cryptocurrencies that clearly tracks BTC. So, the success of SKY in the near future, is likely to depend on the movement of Bitcoin. Since I have identified several technical reasons that justify a rise in BTC to the low 4000s, that would indicate a likelihood that we will see SKY rally above the 50 EMA. If that does happen, I suspect SKY could rise to the 1.50 and them possibly the 1.81 level. Since we're sitting at 1.06 right now, that would be equivalent to a rise of 50-80%! So, if SKY can hold support above the 50, things could get very interesting.
On the MACD, we can see that an enormous bullish divergence has been printed (green trendline.) Also, the MACD is just beginning to creep above the zero line, which is close to a technical buy signal. The buy signal would be confirmed if the MACD pops higher above the zero line, and price breaks out above the 50 EMA on nice volume. So, look out for those confirming upside indicators. If they materialize, 50-80% gains could quickly folllow.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-