Hello Steemers!
Some time has passed since I posted the $MAID/BTC chart(https://steemit.com/steem/@ozchartart/usdsteem-btc-daily-poloniex-bittrex-technical-analysis-market-report-update-60-some-things-are-worth-fighting-for-sept-30-2016), thought it could be a good time for an update,
so lets see how the price evolved.
Let's start with checking out the chart from the last update:
1 day chart Poloniex- Aug. 02, 2016.
Now it's time to take a look how the price developed over the period (no changes made to the chart)
1 day chart Poloniex - Oct. 01, 2016.
After reaching the first yellow resistance line , ~0.000123, the price tried to make a pullback, but without success, It broke upwards, in the next few days pushing to the next yellow resistance line, entering some tighter resistance zone around the fib line, briefly stopping there. After the short stop the price made the major bounce all the way up to ~0.00024, nearly touching the fib line, after which it got puled back to the ~0.000186 resistance. Next few days it tried to keep on going upwards but the attempt failed. The price got pulled back down towards the ~0.00016 line nearly touching it. Another bounce started this time topped at around 0.0002 resistance.
This looks to have been the first upwards wave. After which the price started dumping hard in the coming days, first hitting the 0.0001611 support line (previous resistance), then all the way down to the ~0.00013 support line after which came a mil-dish strong bounce, after which the price kept going lower coming all the way down to ~0.000135 where it started making a bounce in the last few days.
The ~0.00013 local low didn't break as of yet which makes it a bullish sign.
The volume was extreme high on the major pump (over 9000!) and started going down as the price started declining as well, but with noticeable lower volume on the dumps.
1 day chart Poloniex + major support+triangle - Oct. 01, 2016.
Going from the bottom up, I marked with white lines,
1st the ~0.000132 support line which seems to have acted as the major resistance line in the past.
2nd the downtrend trend line which is making a triangle with the already mentioned support line
3rd the possible resistance lines, after those it's a "wild ride" since we are breaking into new all time highs in such a case
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!
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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.3
Kind regards, OZ :)