$BTS/BTC Poloniex Technical Analysis / Market Report Update #112, July 11, 2017.
Hello Steemers!
POLONIEX
1 day Poloniex chart - June 21, 2017
1 day Poloniex chart - July 11, 2017
4 hour Poloniex chart - June 21, 2017
4 hour Poloniex chart - July 11, 2017
1 hour Poloniex chart - June 21, 2017
1 hour Poloniex chart - July 11, 2017
After the last update the price broke the 11.4k support line and went down to the blue 10.5k support line, spending a few days trading between those 2 lines.
On the 23rd of June the price bounced up making a new lower local high at 12.8k satoshi and soon after started going down slowly, breaking the 11.4k support once again and in this run also the 10.5k one.
On the 26th came a bit harder dump resulting in a dip bellow the next, ~9.2k satoshi support line, with a new local low made around 8.2k satoshi, thou shortly after reaching the new local low the price picked up and continued trading above the 9.2k support line with occasional spikes to the 10.5k line.
As we entered J8ly the price started going down further, with a slow downtrend to 8k satoshi, after which came a rather hard bounce to the 10.5k , now resistance, line on the 4th of July.
Right after the bounce the price started dipping again, breaking the 9.2k support line and making it a new resistance.
The first next support was around 7k satoshi, where there is a support line as well as a fib line (
).
Although the price did stop there and made a very small bounce the 7k levels didnt menage to provide enough support and the price went down even further reaching the 5k support line today, it spiked bellow it making a new local low at 4.65k satoshi.
At the moment the price bounced and is now trading around 5.5k saotshi.
VOLUME
BTS/BTC volume Poloniex June 21, 2017
BTS/BTC volume Poloniex July 11, 2017
BTS indexed global volume June 21, 2017
BTS indexed global volume July 11, 2017
Coinmarketcap top volume cryptos June 21, 2017
Coinmarketcap top volume cryptos July 11, 2017
Overall volume about 46% lower then on May 30, $BTS on 8th place on the volume rankings.
Poloniex volume about 13% higher then on May 28, volume ~5382.16 BTC.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
Critics, comments, reply's, counters, advice's, etc. are always welcome!
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DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Everyone who uses TA develops his own unique charting style, please keep that in mind.
Kind regards, OZ
COMMENT
1 day chart
In a case where this support level holds I would see the price bouncing to at least the 6.9-7k levels but also have to warn everyone that there is a potential for a much bigger bounce (to some ~11.5k ) due to this downtrend being very sharp and volatile.
In case of a downtrend I'd first like to draw the attention on the fact that we are entering some tighter support levels (meaning that the spread between support lines will get less and less).
).
That being said I would expect the price to go down to the ~3k levels where i drew the thin red line (which is actually another fib line as seen on this part of the weekly chart
Good Post
This comment has received a 0.07 % upvote from @booster thanks to: @hamzaoui.
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