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VIA technical analysis

October 17, 2019 Published by

VIA seen from the temporality of 1W we can see how the current candle structure is forming a rounded floor which is likely to push the price towards a much larger bullish movement, the penultimate candle managed to close above the consolidation, followed by a doji candle, the current candle is bullish, however, with little volume, the pressure of sale is maintained, we can observe it in the superior wick that has formed until the moment, the indicator RSI has formed us a double floor with bullish inclination, this shows us a bullish divergence that is easily visible in the graph of above, the weekly demand is located in the 0.00002050.

VIA seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the structure is forming a rounded floor, in the RSI indicator I have pointed with an oval the area where the average in relation to the period of time between December 2018 and March 2019 made a movement similar to the one that the RSI indicator is making again in relation to the current period, If the situation repeats itself we could have a major upward movement like the one that happened previously and that I have indicated by means of a yellow circle in the RSI indicator, our first gain objective is located at 0. 00007567, if we have a strong volume input, this target can be easily reached, the second gain target is located at 0.00017044.

In conclusion, VIA maintains an excellent bullish pattern after consolidating in the weekly support located at 0.00002050, if the price maintains the bullish curvature, the probabilities of reaching the first profit target are very high, otherwise, the price could fall to the weekly demand, even fall towards the second zone of demand located at 0.00001062, I recommend to be very attentive to the action of the price in 1D and never forget to place stop loss in all your operations to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

AION technical analysis

October 16, 2019 Published by

AION seen from the temporality of 1W we can see how the structure of candles has remained within a range since the month of July 2019, the major figure is that of a descending wedge, indicated in the graph above by the two diagonals red, this wedge has entered into formation since August 2018, the price is currently at a key moment to look for the break, the key support located at 0.00000841, indicated in the graph by the horizontal blue color must be recovered to ensure a next bullish movement to get the break of the resistance of the major figure, if we achieve it, we should reach our first target located in the 0.00001900 that I have marked as an area of supply, the price could continue to reach our second target located within the price range of 0.00002167 – 0.00002704, indicated in the graph by the rectangle light blue.

AION seen from the temporality of 1D we can observe more closely the current movement of candles, I have indicated through a yellow circle, the current area where the price in its retreat has managed to withstand the support of the demand in 1D located at 0.00000780, indicated through the horizontal black color, the current candle is marking a long lower wick, signal of buying pressure in that area, to close so, would be a strong signal to go looking for the reclaim of the blue horizontal and continuation with bullish momentum.

In conclusion, AION has had a long run within the descending wedge, currently the price gives a strong signal of a movement with upward inclination, within the temporality of 1D, the price has come created a series of HL that the movement continues to respect, as I mentioned above, we must recover the key support located at 0.00000841 to then look for a much larger long movement, the daily candle is closing well, however, we must be very attentive to the action of the price of the next candles in 1D to secure our position, always remember to place stop loss in all your operations to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

XVG technical analysis

October 14, 2019 Published by

XVG seen from the temporality of 1W we can observe a bearish pattern within the major figure where the price has had a long run since 2018, the closing of the previous candle has managed to recover the support located at 0.00000043, if it manages to stay above that level, it is very possible that we see an upward continuation towards the diagonal resistance of the major figure indicated in the chart above by a red diagonal, our first target indicated in the chart is located within the price range of 0.00000090 – 0.0000010808 within the price range of 0.00000090 – 0.00000108.

XVG seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price has broken up the pennant bearish delimited in the chart above by the small red diagonals, after a slow sale, the price has managed to make a retest of the resistance located at 0.00000047, indicated in the graph above by the horizontal black color, so far has marked an HL with the throwback to the support of the blue horizontal in the 0.00000043, so that we can see a next upward movement we need the price to close above the black horizontal, otherwise we could have invalidation.

In conclusion, the price begins to give signal of reversal of trend, just as other currencies have been doing, XVG has fallen a huge percentage during this down season, so many traders may not be very motivated to operate this market, however, the situation could be reversed in a short time if the price remains above 0.00000043 and gets us a new HL above 0.00000047, otherwise, the price should fall towards the 1D demand zone located at 0.00000038, therefore, I recommend to be very attentive to the price action in 1D, this is a risky trade, do not forget to always place your stop loss to avoid possible invalidations during the movement.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Cryptocurrency Quarterly Report – Q3 2019 (by CoinGecko)

October 14, 2019 Published by

Hooray, it’s that time of year again!

The time of the next CoinGecko Quarterly Report on cryptocurrencies.

Bit Brain readers may remember that I’ve spoken about CoinGecko Quarterly Reports before. Back in July I wrote this post “Cryptocurrency Quarterly Report” about the Q2 2019 CoinGecko report.

As before, I want to use this post to give you an idea of what is in that report, so that you can be sufficiently tempted into reading it for yourself. Once again I want to start by praising the high quality of the report, and stating what a smashing job CoinGecko does in the cryptospace. CoinGecko remains Bit Brain’s go-to site for general crypto information – especially related to token/coin prices and trading. The reason I use CoinGecko so much is simple: it is the best site.

Remember that I don’t work for CoinGecko, they don’t pay me to write this, and I’m not affiliated with them in any way (not that I would object to any donations *cough cough* ? ). What I write here is thus an honest representation of my findings and experiences. With no further ado, let’s take a look at what can be found in the Q3 Quarterly Report.

CoinGecko Quarterly Report for Q3 2019

Firstly – where do you find it? On the CoinGecko site, click the three horizontal dots in the main links bar and select “REPORTS”. From there you choose the latest report “Q3 2019 Report”, and voilà – the information is yours to absorb!

The CoinGecko team have stuck with the formula of producing something long enough to be complete, but short enough so as not to bore you. As before, this report is comprised mainly of diagrams, charts and infographics, as opposed to boring walls of text. The report is 53 pages long (“slides” is probably a more accurate term than “pages”), of which about 5 pages are non-content intro and outro sections. etoro has sponsored this report, so thanks to them for that..

This report begins with the usual “Founders’ Notes”, whereafter it dives into its first major topic: Market Dynamics.

The Market Dynamics section is ten pages long, and is a must-read for crypto aficionados. Much of the information will be old news to those who watch crypto closely, but even so there is value to be had from seeing this information from CoinGecko’s perspective. Even arrogant people like myself can appreciate an objective and intelligent overview of the crypto market when presented in this manner.

I find that such information helps to put things into perspective and to check that my own predictions are in keeping with a realistic and unbiased view of the future (and past).

The next section of the report deals with CoinGecko’s unique “Trust Score”. While I have already reviewed CoinGecko’s Trust Score in detail, that was during its infancy and much has changed since then. For those who may not know: CoinGecko assigns a score to each trading pair for each cryptocurrency listed on its site. How they arrive at those scores is briefly outlined in this report. They indicate the differences between their new Trust Score 2.0 and the previous Trust Score 1.0, as well as mentioning upcoming features to be integrated into the Trust Score system.

The next major section of the report is dedicated to Derivatives.

Crypto derivatives are becoming ever more popular, especially as crypto companies are eventually starting to get approvals from conservative regulatory bodies such as the United States SEC.

On a personal level I should state that I am not a fan of any form of crypto derivatives and that I don’t use any of them. It’s not that I don’t trust them, it’s just that I am opposed to a system that deals with derivatives as opposed to the underlying assets. I believe that many of the problems of current fiat systems are tied to a runaway derivatives market.

My old-school beliefs aside, derivatives are exciting for crypto and are an indication of a more mature market that should gain more credibility and public acceptance. They also provide new on-ramps into crypto. Much good can come from crypto derivatives, such as greatly increased publicity.

For those who are keen to start trading derivative but don’t really understand them; CoinGecko gives a fairly complete high-level overview of crypto derivatives. You will be introduced to all the major types of derivatives and the terms associated with trading them.

The explanations are very simple and are written for the layperson, so most people should have no trouble understanding them (see the pumpkin-based example below which explains how Futures contracts work).

For more experienced traders there is a “Derivatives 201 – Serious Traders’ Handbook” section. It’s also not rocket science, but explains some of the more advanced terms of derivatives trading.

The Derivatives section of report ends on an exciting note: that CoinGecko is working on their own Derivatives Market tracker (much like their existing coin tracker). If you want to see a screenshot of what it looks like in prototype – then go read the report!

The News section of the report deals with the big news stories of the quarter, just a very short introduction into each. I learnt that I had missed news of a “shitcoin index”. Interesting…

This page dedicated to Binance shows just how much binance has been up to in the last quarter: quite amazing!

I keep suggesting that Binance Coin (BNB) is a really good coin to hold…

I would love to see a similar slide for KuCoin, that exchange has been REALLY active in the last quarter! (How about it next time CoinGecko?)

While you’re out buying BNB (at ridiculously low discount prices right now), you may want to check out some (far cheaper) KuCoin Shares (KCS) too…

The next big section of the report deals with DeFi (Decentralised Finance). DeFi has quickly become a buzzword in the crypto community, though it remains poorly defined and possibly misunderstood.

The CoinGecko Report delves into with DeFi in surprising depth, and should therefore give anyone a very good idea of what it is, why it exists and what it means to the future of finance.

DeFi should be old news to the crypto stalwarts, but will be valuable information to those who have only started learning about crypto this year.

The final main section of the report deals with DApps. A series of tables and charts analyse DApps by blockchain, activity and type. This is probably my least favourite section of the report, because I would like to see more of the big name blockchains added to it. Having chains like TOMO and IOST in the report while excluding chains like NEO, Waves or Cardano makes little sense to me. I know that Cardano is largely a bunch of unmet promises, but it still has a very high market cap. It would be good to include it – if for no other reason than that its over-optimistic bag-holders realise that…

The report finishes up with a brief look at the CoinGecko Changelog platform hosted at Coindesk’s “Invest: Asia”.

Finally there is the usual page with links to their (many) social media accounts. I follow them on Twitter and STEEM and I have an account on CoinGecko itself. I also use CoinGecko API calls for my personal crypto-tracking spreadsheets.

Conclusion

Well done to CoinGecko for producing another very fine market report. For those who haven’t read one before, I suggest you take a look at it. For those who don’t use CoinGecko, I strongly suggest that you do. Since I started using CoinGecko as my main coin tracker (about a year ago), I haven’t looked back.

As we move into the final quarter of 2019, I expect to see the market take its final dip before finally turning around properly. Altcoins are well overdue for some serious attention, and have been heavily neglected and even openly mocked throughout 2019. That situation will not last, and while I think that BTC will have to regain popularity before altcoins do, I think that this final quarter is the period where that process will begin. We should have an exciting Q4 of 2019 – but not nearly as exciting as what 2020 will be… I hope to see some increasingly bullish CoinGecko reports next year!

Yours in crypto

Bit Brain

All images are taken from the CoinGecko Quarterly Report for Q3 2019. Note that Bit Brain has been granted permission by CoinGecko to use their images.

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

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ETN technical analysis

October 10, 2019 Published by

ETNseen from the 1W temporality we can observe how the price 1 month ago broke up the descending wedge causing an impulse of 4 bullish candles, the previous candle managed to close above the resistance located at 0.00000048, indicated in the chart above by the horizontal dark blue color, the closing has been with little volume, but the bulls have managed to mark signal continuation, the current candle is retreating in search of greater demand for the next move, so we should see a retreat into the area of demand located between the price range of 0.00000038 – 0.00000039, in this zone the price could find the necessary demand for a strong rebound of the price, the structure would be forming us a very necessary HL to determine if the price will continue rising, however, the price could also retreat to the zone of weekly demand located at 0.00000033, where the price would make us a double floor on the horizontal indicated in the graph above in black, if the price fails to hold the support and closes below that level, then we would have a new LL to the support located at 0.00000019.

ETN seen from the temporality of 1D we can observe more closely the current movement of candles, we see how the price in its retreat has formed a bearish “leg”, so we should one more as a result of that pattern, the key support level is located at 0.00000038, if we get a rebound in that zone, the price should have a strong bullish momentum that moves the price above the resistance located at 0.00000048 to achieve our profit targets, the first profit target is located at 0.00000058, while the second profit target is located at 0.00000070.

In conclusion, ETN has dropped a large percentage since the month of March this year 2019, now the price is showing trend reversal signal, we still need confirmation that the price will form an HL, this would be a great buyback signal to continue to rise, the long-term profit target is located within the price range of 0.00000108 – 0.00000115, indicated in the 1W chart by a light blue rectangle, however, if the price falls below 0.00000033, it is very possible that the price will form a new LL towards the support located at 0.00000019, therefore, I recommend to follow the price action in 1D and always use stop loss in your trades to avoid possible invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Bitcoin Price Clears First Hurdle

October 10, 2019 Published by

Few days back we looked at bitcoin price as it neared the 7400 area again. Since then price got a boost and rallied with yesterday’s candle giving a nice push through the 8400 area, which is where price stalled out on the last bounce.

Ideal situation is we stay above 8400 before making a run at the prior support level of 9400. There are some prior tops from earlier in the year at 8700 as well so we could see some struggle there first.

Patience is Key

Downside remains the same. 7600 area is support. I’m not initiating any new positions here as the upside is nearly the same amount as the potential downside. Still holding my adds from the past couple weeks at 8400 and 7800. 9400 is my first profit target.

IOTX technical analysis

October 8, 2019 Published by

IOTX seen from the temporality of 1W we can see how the price when arriving at the diagonal support of the major figure, indicated in the chart above by the red diagonal, has started to change its momentum upwards creating a bullish closing in the previous candle and a quick continuation of the movement during today, the series of candles look pretty good to continue its movement upwards, however, we also see that the current candle is finding resistance at 0.00000079 leaving a considerable wick above this level, so it is very possible that we will see a reversal in the movement and then continue in search of our profit targets, the first target is located within the price range of 0.00000114 – 0.00000142, marked on the graph within the light blue rectangle, the second target gain is located at 0.00000183, marked on the graph by the horizontal black color.

IOTX seen from the temporality of 1D we can observe more closely the current movement of candles, we see the strong vertical impulse that has had these days, this can not be very consistent so to wait for a bass candles should be the safest in the coming days, the range I have delimited in the chart above by the 2 small horizontal dark blue, the resistance marked at 0.00000079 and the support marked at 0.00000061, the price should move within those levels and then try to continue with another bullish movement that reaches our first target, in the chart I have drawn the possible trajectory that should follow the price during the journey, the RSI indicator gives us a signal of overbought after having shot to break the bull pennant formed within the indicator, this is a signal of reversal.

In conclusion, IOTX has escaped me in its initial movement, now the safest would be to wait for a new entry into the price range mentioned above, we could have the following momentum and take profits within the price range of 0.00000114 – 0.00000142, however, I recommend to be very attentive to the action of the price in 1D, if the price closes below 0.00000061 we could fall to 0.0000050, so we must be very careful to avoid invalidations.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

BAT technical analysis

October 7, 2019 Published by

BAT seen from the temporality of 4H we can see how the previous candle has closed below the key support located at 0.00002387, the price has tried to make a pullback recovery, however, has not managed to test the zone correctly to confirm it as support, now the price could go in search of the demand zone at 4H located at 0.00002254, if you do not find enough strength to push up, increase the odds of a reversal into the next zone of demand located within the price range of 0.00002107 – 0.00002149 indicated in the chart above by a blue rectangle, in that zone of demand the price would be throwback us corresponding to the break of the major figure in 1D.

BAT seen from the temporality of 1D we can observe from a broader perspective the current movement of candles, we see how the price during its bearish movement was put into a parallel channel that was finally broken up during the closing of the weekly candle, the price after having found support at 0.00001614 achieved the necessary momentum to make the bullish movement that has achieved the recovery of the low range of the major figure located at 0.00002349, as I mentioned before, the price should make the reversal that tests the diagonal support of the parallel channel indicated in the chart by the dark blue diagonals, once the test is done correctly, we should have an upward impulse towards our first gain target located at 0.00002860 indicated in the chart by the black horizontal, our second target is located at 0.00003138, also indicated in the chart by a black horizontal.

In conclusion, the price action currently indicates a retracement, the first zone where it should find demand to follow its bullish movement is located within the price range of 0.00002107 – 0.00002149, if the price does not hold the support and confirms a much retracement May, then the price could fall to 0.00001800, even find strength in the previous support located at 0.00001614, it is still too early to determine with greater certainty the next short term move for BAT, an ABC pattern has been formed, we should have a similar retracement pattern or one of 5 waves, so I recommend to be very attentive to the action of the price in 1D, always use stop loss in your trades to avoid invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Bitcoin: Support Becomes Resistance

October 4, 2019 Published by

When bitcoin cracked 9,400 the next support level was around 8,400. Price closed there with a doji type candle (indecision) but failed to put up any fight and continued to fall lower.

Support becomes Resistance

With price getting down to 7700 and bouncing it was smart to keep an eye on 8,400 for the upside. Sure enough price got to that area and struggle and after closing lower yesterday did so again with today’s candle.

Now we wait to see if bitcoin will push lower and test that 7700 area low or if it can make another run at 8,400.

A move lower would be interesting as the 7,600 to 7,500 area is where everyone originally was looking for support on that prior move lower. There are a lot of buy order stacked in there, myself included. If that doesn’t hold than 6k is on the table.

For the upside it is 8,400 and then 9,400. Pretty simple. Let’s wait and see.

MANA technical analysis

October 4, 2019 Published by

MANA seen from the temporality of 1W we can observe as in the previous LL, the price consolidated support to then make a pullback that we are currently seeing through a series of bull candles, sign of a greater bullish movement ahead, the RSI indicator shows us how the strength of the current momentum is increasing after reaching the weekly oversold zone, a strong signal for the bulls, the price has to recover the key support located at 0.00000346 and confirm it as support to continue looking for our first target which is located within the price range of 0.00000400 – 0.00000443, which should have no problem getting there if it maintains the current momentum.

MANA seen from the temporality of 1D we can observe more closely the current movement of candles, we see as before, the price confirmed support through a retest in the horizontal located at 0.00000297, followed by a bullish momentum that through a pair of HL the price is giving a sign of continuing to rise, currently the candle in 1D is finding resistance after making the break of the small upward triangle that I have indicated within the chart above in blue, the price should make a brief retreat to test the key support it needs to recover, and it is very possible that it will fall to the diagonal support indicated by the chart through the dark blue diagonal, if you make this move and find demand in that area, then it is very possible that we will see a next upward momentum towards our first target mentioned above, otherwise, if the price falls below the diagonal support and confirms, we should wait for a major setback to the area of demand located at 0.00000297, which the bulls should defend to prevent the price from falling into the next zone of demand located at 0.00000208.

In conclusion, MANA maintains a series of bull candles within the weekly temporality, which is presented as a strong buy signal, the volume should not take long to arrive, the first step has to be to regain the key support and then confirm a next upward movement towards our first target, if it manages to make that level and take it as support, our second target is located within the price range of 0.00000660 – 0.00000714, I recommend to be very attentive to the action of the price in 1D to avoid invalidations in the movement, wait for confirmation in support to secure long position.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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