$BLOCK/BTC Bittrex Technical Analysis April 05, 2020

in #block3 years ago

Hello Hivers!!

First of all, I want to point out that the following post is NOT financial advice or any kind of recomandation, nor am I lisenced to give one!
It is my personal opinion and view on the chart!

Charting $BLOCK on Bittrex today.

$BLOCK is a pretty old coin and has been trading on Bittrex since late 2014.
Like most other coins it has undergone an insane bullrun in 2017.
From it's all time low of ~3000 satoshi to a whooping 750k satoshi on its absolute peak.
Since it's peak it has joined the overall downtrend in the crypto market, marking a new local low at 7500 satoshi in early January 2020.
Which on a linear chart looks like this:

blocklinear.png
https://www.tradingview.com/x/0tM2wQmq/

In order to make it a bit easier on the eyes, I'm gonna use a logarithmic chart.

blocklog.png
https://www.tradingview.com/x/s48ZnCdN/

As you can see, after making the local low of 7500 satoshi, the price had a pretty strong boucne to ~29k satoshi followed by a retrace to 10k satoshi levels.

For this chart i will focuse on what one could call "lower level" of the chart (sub 100k satoshi levels)
To get some potential targets I searched out support/resistance levels on which price had some action in the past.
Next thing i did pull a fib retracement on tha last bounce (from 7.5k to ~30k satoshi).

blocklogfib.png
https://www.tradingview.com/x/FhcC0n7j/

These gave me some interesting levels to watch, some of which have been used in the recent past.
First of being the ~12k satoshi level, which as you can see has been the price level on which BLOCK traded for the first cople of weeks of it's trading, additionaly the 0.236 (bottom red) fibline is on the same price level. We can see how the price (after the recent retrace to 10k satoshi) is fighting to hold the ~12k levels.

The 2nd level would be the ~30k satoshi level which served as the peak for the recent runup. In the past the price used this level as a support or resistance a cople of times during both, bullish and bearish times.

The next 2 interesting levels are the 40k and 60k satoshi levels.
Both have been used as support/resistance points a cople of times already, plus they are both close to the 1.618 (42k sats) and 2.618 (63k sats) fiblines respectivly.

blockdailytargets.png

https://www.tradingview.com/x/kP0Q7Iok/

At the moment I am watching if the price is gonna hold/break out of the sub 12k saotshi levels, which in my perspective is an important level to hold in order to continue the uptrend started in January.
In such a case, my potential targets for a short to mid term targets would be the ~40k and 60k satoshi area.

Please keep in mind, this is NOT financial advice or any kind of recomandation, nor am I lisenced to give one.

Enjoy your day and stay safe! :)

Kind regards, OZ

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no volume no party, lack of volume shows that even the community lost interest, or they are out of moneys to trade. Only a general bull run will push block up in my opinion, when the market will be full of speculators. too bad thought, its one of the projects that actually work.

I agree, thou I do think that volume comes after "totally" drying out, we have seen that before the 2017 runup. and we might be close to that point again