Decred / BitcoinLong
DCR long opportunity, another leg up after consolidation?
Updated
Hey folks, has been a while since I last posted an idea. Really missed the charting and trading, but I had to take a step back and analyse why I made so many mistakes and expensive FOMO trades. So here I am again, this time with DCRBTC. It already had quite a run and has been consolidating for a while, looks like we are ready for another leg up. A big triangle has formed and we have found great support at the 0.618 retracement level. There are two ways to enter the trade: a) play safe and wait for the triangle breakout (buy @ 0.01146) or b) be more aggressive and buy once price bounces of the 0.618 support level or that green trend line (in the area of 0.0086). Possible targets are: 0.02170 and if we make it past that 0.02887. Thus far for the technical viewpoint.
With so many useless shitcoins that have hugely inflated market caps out there (yea I'm looking at you, DASH) it makes sense to check out the fundamentals behind a potential trade, especially if you're looking at it from a longterm investment perspective. Decred has a nice and shiny homepage with great visuals, thats quite important imo. It's not enough to only have a great product, you need to know how to sell it and who wants to buy into something that looks like shit. As for the technical details, DCR runs a PoW and PoS hybrid consensus mechanism, which aims to spread the power over the protocol across miners and users. The recent BTC blocksize scaling debate highlights how important it is to have a balanced system of governance over the chain. DCR looks strong and has big potential on that front. Checking out the 2017 roadmap (blog.decred.org/2017/01/09/2017-Decred-Roadmap/), you'll find a few other things that sound great:
If you're more like a short attention span type, here's DCR in short presented by a very good looking young lady ;) youtube.com/watch?v=jSyrUTLZQV8
DCRBTC. It already had quite a run and has been consolidating for a while, looks like we are ready for another leg up. A big triangle has formed and we have found great support at the 0.618 retracement level. There are two ways to enter the trade: a) play safe and wait for the triangle breakout (buy @ 0.01146) or b) be more aggressive and buy once price bounces of the 0.618 support level or that green trend line (in the area of 0.0086). Possible targets are: 0.02170 and if we make it past that 0.02887. Thus far for the technical viewpoint.With so many useless shitcoins that have hugely inflated market caps out there (yea I'm looking at you, DASH) it makes sense to check out the fundamentals behind a potential trade, especially if you're looking at it from a longterm investment perspective. Decred has a nice and shiny homepage with great visuals, thats quite important imo. It's not enough to only have a great product, you need to know how to sell it and who wants to buy into something that looks like shit. As for the technical details, DCR runs a PoW and PoS hybrid consensus mechanism, which aims to spread the power over the protocol across miners and users. The recent BTC blocksize scaling debate highlights how important it is to have a balanced system of governance over the chain. DCR looks strong and has big potential on that front. Checking out the 2017 roadmap (blog.decred.org/2017/01/09/2017-Decred-Roadmap/), you'll find a few other things that sound great:
- integration of systems for hard fork voting and a public change proposals
- lightning network support
- better cross-platform GUI wallets
- more public presence at events
- lightning network support
- enhanced privacy features
- implementing payment support by approaching merchants and vendors
If you're more like a short attention span type, here's DCR in short presented by a very good looking young lady ;) youtube.com/watch?v=jSyrUTLZQV8
Note
Oh yeah, as always. I publish those ideas mainly learn and to document my analysis. As such, do yourself a favour and don't follow them blindly. I might be dead wrong!Note
Update because I really ignored the indicator part of the story in the story above. My indicator setup gives some mixed signals, while the On-Balance-Volume (OBV) clearly trends up, MACD and RSI are following a downtrend. That tells us two things: it's always a great idea to combine several types of indicators (in my case a volume-based and two momentum indicators) and secondly, we cannot clearly decide now upon the possible direction of DCR. All we can do now is to stay put and watch price action and listen to relaxing trap music (youtube.com/watch?v=DqPgURTYygQ&t=587s). Please feel free to comment and ask, I am very happy to receive feedback and questions.
Note
Accumulation phase seems to come to an end really soon. Lower TF indicators are starting an uptrend, check MACD and RSI @ 4h. DCR is going to lift off rather soon. Note
For targets, check the following chart. First level we have to crack is 0.01243 tho, if we take that down look for targets around previous structure highs or the golden fib ratios (0.618 and 1.618) Trade active
Let's see into which dimension DCR will drag us.
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