Counterparty has started to bounce off a horizontal supportline, that has been visited 4 times now on the daily candles. One could argue that this graph is also showing "the lately so often seen failed shoulder-head-shoulder" pattern that I was reffering to in my Zcash idea (tradingview.com/u/yuri72/), but I am not liking the shape of this one (especially the shape of the head).
The previous three support-touches (on the green horizontal line) resulted in a lower RSI reading (3 red ovals). But the latest touch has given us a higher RSI-reading (green line in RSI), so we have some bullish divergence. I expect the bounce to go towards 0.004 region, with maybe some hesitation around 0.0032 area (two red horizontal resistance areas).
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If we get a price closing below the green support this is a 'must close trade'. But for now not a problem yet. RSI is also back at the green line. So lets se if both (price and indicator) can curl up again from here!
Trade closed: stop reached
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We have a break of green support.. followed by (what looks to become) an inverted hammer candle.. time to close :(
Thanks! I just bought some. I have no idea why this baby dumped. Good fundamentals. I see this as a bottom but if it goes down further... who cares? Dev. team still active.
yuri72
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@mightytrader, if you are a longtime believer that is fine, but my philosophy is: if your train is not going in the right direction it is time to jump on an other one :)
Because there are many, many trains ;) Good luck!
CryptMeAlone
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@yuri72, I don't why but XCP just reached all time bottom at 0.0017. It has all the potential to meet 100/XCP+ imo
yuri72
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@cryptoniac90, Well good thing we closed this trade.. but currently most alts are bleeding. Might have something to do with the new BTC-fork coming up and people converting their alts to BTC.. last time that resulted in 'free money' (BTC)
CryptMeAlone
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@yuri72, kindly keep us updated if you make a new graph