Hello Steemers!
Decided to do a chart of Emercoin on Bittrex today.
EMC has had some nice trading activity in the past and is now at what i consider low levels, near it's all time low.
At the moment its ranked 26th on coinmarketcap.
I read some new's that the UN is testing posibilities of using it in a car fleet so it drew my attention.
Fore more info about EMC check out their website and Bitcointalk thread:
Website - http://emercoin.com/
BCT thread - https://bitcointalk.org/index.php?topic=362513.0
Clean charts as usual for the start:
monthly chart Bittrex-clean - Dec. 18, 2016
On the monthly we can see how EM had some nice waves in the pas ranging from about 30k to about 80k satoshi,
however the monthly seems to hide allot info on this one.
weekly chart Bittrex -clean - Dec. 18, 2016
On the weekly the waves become more clear, showing the first run up which started from that times all time low of 18k sattoshi, having a firm top at around 75k satoshi, with a hard spike to 105k which marked a new all time high (if we ignore the first day candle's top at 0.8 BTC). After reaching the top the price started a sharp downtrend and reached a new all time low at around 15.5k satoshi. Shortly after marking the new all time low the price started pumping heavily. Just 5 weeks later it reached a new all time high of 145.5k satoshi.
daily chart Bittrex -clean - Dec. 18, 2016
After reaching the new all time high the price started a slow downtrend showing some support at around 42k satoshi, regardless the support broke and the price entered a hard down trend in which it still might be, marking a new local low at around 22.7k satoshi after which followed 2 minor spikes up to 40k.
Adding some lines on the charts, first on the weekly, then again a bit more lines for the daily to see the lower level's as i zoom in.
monthly chart Bittrex-lines - Dec. 18, 2016
On the monthly with lines we can already see some accumulation zones, yet they will be more clear once switching to the weekly chart.
weekly chart Bittrex-lines - Dec. 18, 2016
Once I have the weekly chart with lines in front, I can spot some accumulation zones, first one reaching to about 40k satoshi, the one above it to about 60k , followed by a tight what i assume is resistance zone between 60k and 70k satoshi.
The downside shows there is still some space to hit all time low levels of 15.5k satoshi with another possible support at 18k.
daily chart Bittrex-lines - Dec. 18, 2016
On the daily chart i added the purple lines, the ~29.1k, 31.3k and the 37k satoshi one, which look like they might play a support/resistance role in the coming future.
After the lines I added the Fibonacci, once again one for the weekly time frame and a smaller one for the daily time frame.
monthly chart Bittrex- fib - Dec. 18, 2016
Pulled the fib from the all time low to the all time high made in the last pump and back to the new local low it made this month.
weekly chart Bittrex- fib - Dec. 18, 2016
The fib shows a major accumulation area to about 55k satoshi, just beneath the 60k line where the support held for about 2 months. Furthermore the 42k line seems to be marking another significant level in the EMC chart, about at the middle of the first fib zone it seems to show deeper, possibly stronger accumulation zone.
daily chart Bittrex- fib - Dec. 18, 2016
The smaller, daily fib, shows an accumulation zone which seems to have a top between 26.7k and 27.4k satoshi, the price did a hard spike through it up to 40k satoshi, twice, ye it has returned back bellow the resistance level both times.
after the first major resistance level with the top at 27.4k satoshi, comes the 2nd resistance at 29.1k satoshi which seems to have been marked at start of November, followed by the 31.3k and finally the 37k satoshi one.
What to expect next?
On the weekly chart:
1st (green) - The price enters a relatively strong uptrend slowly but firmly progressing through the first accumulation zone and breaking upwards.
2nd (yellow) - The price follow the downtrend further down to test the all time low levels, from which it bounces and slowly starts a mild uptrend progressing through the various low level resistance levels.
3rd (red) - The price goes down to first test then also break and make new all time low levels.
On the daily chart:
1st (green) - The price has found support in the last pullback and keeps going higher through the low level support zones .
2nd (yellow) - The price has found its bottom and stays in the ~23k - 27k satoshi levels for some longer period of time in order for more accumulation, breaking up from the zone after some time
3rd (red) - The price goes down and test the Bittrex all time low, with the 18k support as possible bounce point along the way down,
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!
Have my charts helped you in any way?Let me know with a comment below :)
Are there more people who are doing TA?
Please post the links to your TA's posts into the comments as well!
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
On the bigger time frame i see the price going the yellow way, testing the all time low level and slowly starting to advance through the lower level resistance levels.
On the daily I expect, as in the weekly, the price to go down to the all time low level of 15.5k satoshi, but I would expect a bounce on the 18k support levels, which could go upto around 21k-21k saotshi, then a turn back towards the all time low.
great post
Interesting charts.
Solid blog. Nice to see I'm not the only one who thinks like this. Buy low, sell high, it seems so simple but most investors still don't seem to get it :-) I found this amazing platform: https://www.coincheckup.com They seem to give this complete indepth analysis of all cryptocoins. For example: https://www.coincheckup.com/coins/Emercoin#analysis For the Emercoin Investment and research analysis.
Another account.. You need to stop Spam commenting with the coincheckup link in every one of your comments. This is not an acceptable practice on Steemit. Thank you.