Long
BURST coin make or break? (HF coming soon...)
Updated
Looking at the BURSTBTC 1day chart, we can see that it's still following a bullish trend. Currently it reached the bottom support line as you can see in the graph. Although it's hard to say whether it'll break it. I say that because looking at he BURSTUSD on Poloniex, it has already formed an H&S. Although, the RSI and CCI look neutral, on the 20 and 50 day for BURSTBTC, the MA and EMA are showing signs of buy on most time frames.
I would like to see the short term RSI drop below 35 before making a trade. I do see intermediate growth starting within the next few weeks since their Dymaxion Hard Fork will take effect on block 500,000, which will potentially get some fundamental analysis to break the the H&S on the BURSTBTC chart.
Beyond TA, and after reading their white paper, I see a lot of potential for this coin to make it to the top 25. With a market cap around 48MM as of this writing, some good news will exponentially grow this coin to new highs.
I would like to see the short term RSI drop below 35 before making a trade. I do see intermediate growth starting within the next few weeks since their Dymaxion Hard Fork will take effect on block 500,000, which will potentially get some fundamental analysis to break the the H&S on the BURSTBTC chart.
Beyond TA, and after reading their white paper, I see a lot of potential for this coin to make it to the top 25. With a market cap around 48MM as of this writing, some good news will exponentially grow this coin to new highs.
Note
Here I am showing a potential Cup & Handle. IF the handle surpasses the height of the cup, with 3:1 odds we can expect about a 40% increase.
Also, back in the spring of 2017, BURSTBTC formed another C&H which allowed it peak at a previous record high.
This upcoming hard fork may give it the boost it needs to form the C&H.
What's your thoughts?
Note
Here's the H&S formation on the BURSTUSD while still having the potential C&H formation. Yet, on the BURSTBTC, the H&S could be considered non-existent. For this reason, I'd wait until the best buying opportunity before the hard fork which will take effect early June.
What I have noticed when playing stock is that there's almost always a better time to buy. The only times this isn't necessarily true is when breakouts occur or when the RSI drops very low. Although, buying into a low RSI, be sure to put a stop limit in the potential of it falling more.
Note
Burst is having a good run but is it over? The momentum and the Bull Power is looking great. The MA and EMA also seems to warrant a buy on nearly all time frames.
When we look at the graph, we see the three month C&H potential formation and a bullish pennant which seems to have already broke out at. Although it’s currently facing resistance around 0.00000320, i do believe it will break it completely after first retesting around 0.00000309. If it does break the 0.00000320 resistance, we can expect the next retest around 0.00000340 then around 0.00000378. Keep in mind that it may take until around the HF on block 500,000 for it to break these next resistances.
Note
I am glad this previous drop did not retest or fall below the 0.00000280 mark, which gives us a safer bet that it's looking bullish - by making higher lows.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.