MikeLeChat
Long

Bitcoin Gold - Though it pains me to say this

BITFINEX:BTGBTC   Bitcoin Gold / Bitcoin
Oh hi there, it's Marmalade Mike,

Firstly, this call gives me no pleasure to call. Though I certainly never don't hate on any coin, if a coin can make us money then i'm more than happy for it to exist.. BUT.. it's got to be said that when it comes to Bitcoin             Gold             i'm not such a fan since it doesn't bring anything new to the space and how it got listed on all the big exchanges when (slightly) better coins like Bitcoin             Private get treated like the deformed twin is slightly confusing, but hey, here we are.

So here we have a coin that's never had a chance, we can't talk about all time highs here since we never had a valid one, just a spike up followed by a continuous decline throughout this delightful correction. In these terms to say BTG             is due a good upturn is truly an understatement, it has the volume , it has all the right signals.. it COULD i emphasise 'could' have one of the best runs of the this spring.

On to an overview;

Weekly View
I'm kidding, there's not enough data here to take anything meaningful from a weekly view

3 day view
- MACD is low with a sneaky bullish crossover and making higher highs and lower lows, though it is being quite subtle about it so far
- RSI is low and flat, no inclination to take us lower here which means the only way is up once we get some momentum behind us
- SMI             is oversold sinc, well, forever and is showing us a bullish crossover, not a small feat on the 3 day view which is not something you can see on many coins at the moment!

You can see the similar to be said on the daily chart above, not much momentum but everything is pointing gently upwards

My suggested buy in range is to be looking between 0.00586000 - 0.00660000 depending when you want to get on the boat

Either way this could well be one of the first trains to leave the station, will update as things progress

Cheers for reading
Trade active: Perfect buying in range today - As with all these trades I'm posting now, there is no massive rush so don't get fooled into fake rallys.
Comment: After accumulation we are starting our ascent

This is not a long hold for me but I believe we are going to see some very nice gains in the next 2 weeks.

I expect this to hold hands with BCC on it's way up
Comment: Hello!

This trade is still very much open, the alt market is currently in a very interesting place, we are looking for precedent everywhere but this exact situation is a new one so we can compare previous movement all we want but the hard truth is when you combine the volume and fundamentals of the current market we are sailing uncharted waters, relatively speaking.

The above being said, this trade has a lot of potential and has been a great canary down the mine for a relatively stalled few weeks we have had in general across a large area of the market, we are seeing a lot of similar patterns with some interesting arrows pointing to around the 19th of May.

So lets take a look at where we are, I have posted a new chart below of our key support and resistances we need to bust through to call an uptrend in proper.


Now there is 2 pictures to be aware of;

The daily view is looking good but not quite ready yet, MACD has levelled out and our RSI is signalling a return to positive momentum, this picture is giving me the impression we are gearing up for movement upwards in the next few days, i'm calling this around 19th - 21st May simply has a few interesting things converge around this date.

The chart above is the 3 day view which is important in my opinion as we lack the data for a useful weekly take and taking a step back is vital to judge a broader market move. Here we can see a total flat momentum and a MACD showing us a weak bullish divergence.

My summary here would be that we have a good probability of touching the 0.0061 support before we move upwards, we may not qute get that low however so a new entry between 0.0061 - 0.0064 should be considered depending on your strategy

Thanks for reading and I hope this has helped
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