Fundamentally I have some problems with this coin. One of the main price-driving factors is the fact that a lot of coins get burned ( chainz.cryptoid...gam/address.dws?GHqvR8Kwyr...). More than half of the coinsupply allready has been burned and today only little over 1 million coins are in circulation, but the latest burn has been over four months! Maybe this has to do with the fact the coin is moving to a new blockchain ETH Classic.. but still it worries me a bit. Also staff seems to be like one man is running the show.
No worries in the graph though. The coin has seen a nice uptrend which peaked mid-june. After that there was a relatively mild correction, which ended a month ago by breaking out of the downward channel (green oval 1). A new upward channel came in to effect, where there is a break attemp on the upside today (green oval 2). Furthermore RSI on the daily is in overbought area again (green oval 3), this is for the fourth consecutive time, not one oversold condition has broken this series (talking about power).
Trading plan: price might rise a bit further, but I would wait for RSI to cool off and for price to fall back to the bottem of the current upward channel (don't think the upside break will last). The bottem of the channel (blue box) would be a great buy opportunity for the road to new highs!
No worries in the graph though. The coin has seen a nice uptrend which peaked mid-june. After that there was a relatively mild correction, which ended a month ago by breaking out of the downward channel (green oval 1). A new upward channel came in to effect, where there is a break attemp on the upside today (green oval 2). Furthermore RSI on the daily is in overbought area again (green oval 3), this is for the fourth consecutive time, not one oversold condition has broken this series (talking about power).
Trading plan: price might rise a bit further, but I would wait for RSI to cool off and for price to fall back to the bottem of the current upward channel (don't think the upside break will last). The bottem of the channel (blue box) would be a great buy opportunity for the road to new highs!
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Fingers on the trigger, we are close to the buy area :)
Comment:
What a powerhouse friends (check my above mentioned fundamental hesitations though), close to the All Time High level allready.
Had to change the angle of my upward channel it is more steep. Unfortunately these things ain't science.. some trial and error cannot be excluded..
Had to change the angle of my upward channel it is more steep. Unfortunately these things ain't science.. some trial and error cannot be excluded..