Recent DECENT trend reversal followed by bullish signals
تم تحديثه
I've been clicking through all tokens traded on Bittrex today and would like to bring your attention to one coin in particular which hasn't been analyzed on
tradingview in recent times. I am talking about DCT/DECENT.
Fundamentals: Shit.
That being taken care of, let's look at the daily chart against BTC:
When the price bounced off the lower Bollinger Band two days ago an inverted hammer formed which was then confirmed by two bullish candles. Next stop EMA20.
We pierced through the Ichimoku cloud on Jesus' birthday which hadn't happened in months and was followed by a two week long upwards rally to 250%. Ever
since then we have been holding steadily above the cloud. It may give us support around 11k satoshi, which is confirmed by both the xmas correction and
January low.
As of today, the Ichimoku cloud magically changed colors. We are heading into the right direction. Another slightly bullish signal is our move past the
conversion line, which also took place today.
While the MACD is still in the negative, it is clearly losing momentum, hinting at a bullish crossover in the next couple of days.
We need to watch out for that MACD, since it's last bullish interval of 22 days gave DCT gains of over 500% (4004 to 24598).
Stoch RSI has been oversold since the recent peak and throughout the subsequent sell-off. It has just made it's move above 20 again, pointing up in a
relatively steep angle and so is the RSI.
ADX has been above 25 since the 100% increase we saw on Dec 27th. While it went into a downtrend after reaching the Jan 9th high, it has been losing
momentum since yesterday and is unlikely to drop below 25 in the coming days. +DI and -DI are diverging with the +DI coming out on top.
So far, so good. Not a single bearish signal. Two volume indicators are still remaining though.
We saw both CMF and TMF cross the zero line into accumulation territory for the first time in over three months on the day the price doubled (Dec 27). Alas
the CMF has now dipped back into distribution. Twiggs is still on the plus side, but only barely so, so it looks like the market is losing interest at this
point.
Summary
There are bullish signals all over this chart, but we are still waiting for volume confirmation. If the price drops below 10.5k satoshi, I will probably
leave this trade. There seems to be a resistance at 19.9k satoshi.
You have to decide what to do with this information.
Since I did not know the meaning of the word candle in this context as little as two months ago, it would be irresponsible to supply target and stop loss
levels. You really do not want my advice. However, I would be very grateful for all criticism of my analysis or any other input for that matter.
<3
tradingview in recent times. I am talking about DCT/DECENT.
Fundamentals: Shit.
That being taken care of, let's look at the daily chart against BTC:
When the price bounced off the lower Bollinger Band two days ago an inverted hammer formed which was then confirmed by two bullish candles. Next stop EMA20.
We pierced through the Ichimoku cloud on Jesus' birthday which hadn't happened in months and was followed by a two week long upwards rally to 250%. Ever
since then we have been holding steadily above the cloud. It may give us support around 11k satoshi, which is confirmed by both the xmas correction and
January low.
As of today, the Ichimoku cloud magically changed colors. We are heading into the right direction. Another slightly bullish signal is our move past the
conversion line, which also took place today.
While the MACD is still in the negative, it is clearly losing momentum, hinting at a bullish crossover in the next couple of days.
We need to watch out for that MACD, since it's last bullish interval of 22 days gave DCT gains of over 500% (4004 to 24598).
Stoch RSI has been oversold since the recent peak and throughout the subsequent sell-off. It has just made it's move above 20 again, pointing up in a
relatively steep angle and so is the RSI.
ADX has been above 25 since the 100% increase we saw on Dec 27th. While it went into a downtrend after reaching the Jan 9th high, it has been losing
momentum since yesterday and is unlikely to drop below 25 in the coming days. +DI and -DI are diverging with the +DI coming out on top.
So far, so good. Not a single bearish signal. Two volume indicators are still remaining though.
We saw both CMF and TMF cross the zero line into accumulation territory for the first time in over three months on the day the price doubled (Dec 27). Alas
the CMF has now dipped back into distribution. Twiggs is still on the plus side, but only barely so, so it looks like the market is losing interest at this
point.
Summary
There are bullish signals all over this chart, but we are still waiting for volume confirmation. If the price drops below 10.5k satoshi, I will probably
leave this trade. There seems to be a resistance at 19.9k satoshi.
You have to decide what to do with this information.
Since I did not know the meaning of the word candle in this context as little as two months ago, it would be irresponsible to supply target and stop loss
levels. You really do not want my advice. However, I would be very grateful for all criticism of my analysis or any other input for that matter.
<3
تم فتح الصفقة
Another inverted hammer, much larger than the last - has formed and has now been confirmed by two consecutive green candles. We've been holding ichimoku support nicely.تم فتح الصفقة
All is going as expected:
-MACD crossing over today in a bullish manner
-holding support of both Ichimoku cloud and lower Bollinger Band
-Another inverted hammer with 2 candle confirmations
-ADX continuing it's uptrend indicating strong price movement
-DI+ and DI- diverging further
-Stoch RSI and RSI continuing their upward journey with room for further increase
However, CMF and TMF are still looking poor with CMF sinking further into distribution territory.
Trade is active. You could have taken +70% profit already with spot-on sell orders, but are still 10% up as of now. I expect more upwards price movement towards 30k satoshi IF we can see some bullish volume increase that allows us to break resistance given by the upper Bollinger Band at 20k satoshi.
Before I forget: It's tea time! 3 month cup and handle is a very bullish pattern.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.