A_Cryptastic_Mind

Solarcoin gently preparing potential strong upside move!

BITTREX:SLRBTC   SolarCoin / Bitcoin
Solarcoin is nearing short term buying range and has several positive signals going for it:

--> Touches lower trend line support
--> Currently on 50% Fibonnacci support
--> Did a "low test" (see red candle stick downwards with the "thinner" part very long and touching the 61,8% level)
--> Bounced back from 50% Fib. & from the orange trend support line
--> Has broken through downward trend channel resistance (represented by downward orange resistance line)
--> Currently at lower end of the Bollinger bands
--> MACD is nearing bullish cross
--> CCI agrees with bullish character

Conclusion: due to the ongoing market turmoil smashing most of the cryptos, I remain "short term" neutral (to slightly bullish ) on this coin, even though it has multiple bullish signals going for it. Nevertheless, we should keep an eye on this one as the bullish character will likely become more pronounced in the near term!

Keep your eyes open! ;-)


Note: this is by no means formal investment advice, do your own due diligence, preferably backed by some fundamental analysis
Bình luận: 4h chart (see above): We see - even amidst the heavy market turmoil - that SolarCoin is currently consolidating around the 50% Fibonnacci retracement level. MACD is still curving upward under the zero line but no golden cross yet.

1 day chart (not shown): pay close attention: here we can see the death cross in the MACD (red and blue crossing each other quite high above the 0 line with red coming higher than blue) taking place in the past couple of days, predicting the strong downward movement already up front. We are still relatively far from the bullish cross there. Pay attention to this 1D chart as well!!
Bình luận: Snapshot of the death cross in MACD on the daily:

Bình luận: Et voilà:

--> Note that indeed in the short term there was a bullish move: from 0.000011639 to 0.000013359 (50% Fibonacci line) for a 15% gain (albeit quite modest in crypto terms).
--> Then the daily kicked in and now we're seeing that move back to the 0,000010 levels!
Bình luận: It consolidated somewhat near our (first) 0,00010 level, and then broke further through Fib support :)
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