OFFTOPIC: a quick view of an altcoin

This is an attempt to forecast where the next big movement will end of this altcoin, an altcoin that recently is getting lot of unjustified attention from the bitcoin community. I don’t know if people is bored of bitcoin and is trying to pursuit a “get rich quick scheme” pumping their bitcoins in this altcoin, aniway it is not the purpose of this article to prove it or not.

Here there is the weekly chart with logscale for the price axis.I highlighted the first big up movement and the subsequent price drop, a perfect 62%  fibonacci retracement down from the top to 0.015 btc/unit. Assuming that the current bullish movement will be of the same size of the previous one using a logarithmic scale the target should be at 0.135 Btc/Unit. There would be price retracements for sure before reaching such an optimistic target therefore a more likely long term top could be the point half way between our initial target and the bottom used as a starting point for our forecast. As indicated in the chart this potential resistance level is around 0.047 Btc/unit. IMO it would be a decent point where to open a short position because it is above the previous high of 0.035 Btc/unit and in a strong uptrend i’d prefer to avoid to open a short position from a lower high. In any case it is better to confirm the trade with a bearish signal with an oscillator of your choice.
altcoin

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4 thoughts on “OFFTOPIC: a quick view of an altcoin

  1. Topogigio

    I think the same this shit is going to 0.045 and beyond and i’m happy ethereum is the future bitcoin is the past.

  2. Kim Nguyen

    HI Enky,

    I follow all your bitcoin posts and am interested in buying Etherum. Although I have no problem understanding the bitcoin posts, I didn’t understand the post on Etherum. Is there anyway you can break it down for the layperson? Thank you!

    1. It is a working hypothesis to try to estimate the next maximum price top that Ethereum can do if there should be a second strong price expansion like the first one. So far this scenario i hypothesized it is not yet materializing until ethereum will do a new all time high above 14-14$. As a rule just wait a breakout above the all time high before buying, for now ethereum is flat inside a wide price range from 7 to 14 usd, or alternatively buy at the support around 7$. This is what i’ll do in your pants but personally i ‘m not investing at the moment in eth or any other altcoin,.for now.

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