Chia Network (XCH) / BTC - bullish divergence
How do you spot a super bullish play when everything is so bearish? Zoom out folks, zoom out.. while so many of the large market cap coins (ADA, ETH, SOL, THETA) print bearish divergence with Bitcoin, there’s a handful of others printing the exact opposite.
On the above 2-day chart the native token for the Chia Network has been printing an extended bullish divergence. I’m reminded of the position taken when the same set up was printing on the SOL/BTC pair back in late 2020 when it was a $100-200m market cap (chart below). Chia market cap $240m.
On the TA:
1) The ‘incredible buy’ signal prints. Also on weekly (below).
2) Price action resistance breakout.
3) Multiple oscillators are printing bullish divergence, including MACD.
On a fundamental note, the blockchain concept is so very different and nothing if not ambitious:
“Chia Network (XCH) is a layer 1 blockchain that uses its own custom-designed programming language called Chialisp and a novel consensus mechanism called proof-of-space-and-time (PoST). The combination of these two allows the blockchain to use less energy without compromising network security. In contrast to most other blockchains, Chia Network is a public, for-profit, open source company that aspires to become listed on NYSE or NASDAQ. Its blockchain is aimed at enterprise use, which is why Chia Network plans to have XCH on its balance sheet in case of a listing.”
Another reason why Solana was mentioned here:
“On the other hand, proof-of-time demonstrates the passage of time through Verifiable Delay Functions, in a way that is similar to the Solana (SOL) blockchain. The Timelords – nodes that document time – ensure that time is correctly documented for solving the proof-of-space functions.”
These blockchain concepts solve a lot grumblings about energy and crypto, which is a hot topic at the moment.
Is it possible price action falls further? Sure.
Is it probable? Highly unlikely.
Good luck!
Ww
SOL/BTC bullish divergence from late 2020 after 'incredible buy'' signal.
Weekly divergence
On the above 2-day chart the native token for the Chia Network has been printing an extended bullish divergence. I’m reminded of the position taken when the same set up was printing on the SOL/BTC pair back in late 2020 when it was a $100-200m market cap (chart below). Chia market cap $240m.
On the TA:
1) The ‘incredible buy’ signal prints. Also on weekly (below).
2) Price action resistance breakout.
3) Multiple oscillators are printing bullish divergence, including MACD.
On a fundamental note, the blockchain concept is so very different and nothing if not ambitious:
“Chia Network (XCH) is a layer 1 blockchain that uses its own custom-designed programming language called Chialisp and a novel consensus mechanism called proof-of-space-and-time (PoST). The combination of these two allows the blockchain to use less energy without compromising network security. In contrast to most other blockchains, Chia Network is a public, for-profit, open source company that aspires to become listed on NYSE or NASDAQ. Its blockchain is aimed at enterprise use, which is why Chia Network plans to have XCH on its balance sheet in case of a listing.”
Another reason why Solana was mentioned here:
“On the other hand, proof-of-time demonstrates the passage of time through Verifiable Delay Functions, in a way that is similar to the Solana (SOL) blockchain. The Timelords – nodes that document time – ensure that time is correctly documented for solving the proof-of-space functions.”
These blockchain concepts solve a lot grumblings about energy and crypto, which is a hot topic at the moment.
Is it possible price action falls further? Sure.
Is it probable? Highly unlikely.
Good luck!
Ww
SOL/BTC bullish divergence from late 2020 after 'incredible buy'' signal.
Weekly divergence
Trade active
Trade active:
Got so many alarms popping off at the moment, all-tokens are about to go crazy over the next 8 weeks. This one just broke out of resistance with an unusual amount of volume.
Trade active:
3-day BTC pair making some strong moves
BTC
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Allow 3-6 months on ideas. Not investment advice. DYOR
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Weblink: www.patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR