Long

GCRBTC 600% potential

Updated

Looking at the 1D chart for gcr we see it trading in the long term channel it has created from its previous ATHs. Additionally there's a huge bullish pennant forming within the support levels and the previous ATH plus the last two small(er) spikes it had. With volume picking up and some fundamentals in the works (coinxion), it looks like there's definitely something brewing.

If previous ATHs are anything to go by, we could be looking at a potential rise from the current 22k sats to 15k sats meaning almost 7x returns.

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If resistance at 3k sats is broken we'll have a confirmation of a breakout, if we drop below 2k sats we'll have a bearish confirmation.

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Correction: Meant to say price increase from 2.2k to 15k

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If you're already in this trade my advice is to hold now as this red candle is the same candle almost every coin in the market is experiencing due to the recent news about bitcoin. If you still haven't bought and are interested in buying, I would advice to keep an eye on the chart and see what moves the market makes, Once the FUD settles and panic stops, we'll get a better picture of where we stand.

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Yesterday's candle wick touched the 0.236 fib level. This is good meaning we hit support and today's candle is already green. I added the volume on this snapshot, I forgot to add it to the main idea, but you can see how little volume yesterday was compared to what we had a month ago.

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A new triangle has been formed showing our new support levels, after bouncing off the 0.236 fib. Stoch RSI is beginning to cross over signifying bullish momentum. The 77 MA crossed the 231 MA on yesterday's candle, this indicates the end of a long term bearish trend for GCR.
I estimate we should see breakout signs sometime within 2 weeks from now.

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Good day to you all,
As for the news, CoinXion has confirmed a launch date for Q1 2018 which will greatly stimulate demand for GCR as they will be accepting GCR coins 1:1 in exchange for the CoinXion coin (the coin's name will be made public on launch) which will be pegged at about $40 (gram of gold), this will essentially serve as a fork for GCR similar to what happened a while go with ZCL, a dead coin brought back to life through a fork allowing for new development.

The chart tells us that we've hit a rather strong floor at the 0.236 fib level. This has been and will serve as good support unless the market decides to make a rash move again like it did mid Jan. For now, we have been consolidating and accumulating between 1600 and 2000 satoshis. The volume is decreasing which is normal and indicative of a consolidation period.

As for other indicators, the 1D MACD is finally getting ready to cross in sometime this week. RSI has room for growth and Stoch RSI reached the bottom and is also ready to cross. The 77 MA has crossed above the 231 MA which is a pretty strong long-term bullish indicator. Lastly, I have made two channels for which GCR is trading between. The big (green) and small (orange) one, once these are broken we'll get an idea of where we're headed. If support is broken (not likely unless a market wide catastrophe occurs), price will drop to find a new bottom. If the resistance in the orange channel is broken we'll either stay within the bigger green channel or brake out of that one too and reach new highs.

Patience'll pay off!

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Support at 1600 satoshis has been broken and we're now looking for our next support level. That being said, there seems to be a falling wedge pattern forming, a falling wedge is a bullish pattern however, with the current status of the market, it's hard to say. There is a lot of FUD going around, and Bitcoin along with every alt is struggling. At this point, we've already experienced multiple market wide 'recessions' so this one shouldn't be any different. I opened my position on GCR at 2200 satoshis and am not selling at a loss. If you're already in this trade my advice is to hold (doing the same for all my other coins too), if you're looking to get in, you'll have to decide for yourself whether or not you think this is the bottom. This coin is currently very low cap and volume, so market (mostly BTC) fluctuations and sentiment can indirectly affect its price.

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After a very lengthy market-wide correction period, GCR has been consolidating quite nicely. We have now reached and broken the long term trendline and are ready for a breakout soon. If you were on the fence or didn't have the chance to buy some, now might be a good chance since the price is very low. Volume has been decreasing a lot this past month since there's very little GCR being sold due to most holding what they've got. The CoinXion platform is due to launch or at least announce before March 31st, which will be the likely date the price will skyrocket.

As can be seen, since the trendline was broken, price has been trying to breakout at least three times now. The Bollinger bands have tightened up, that's a good indicator that we're ready to fly, and do has the volume, also a normal sign of consolidation periods. Also to note, when there's so little sell orders, when demand increases, price will shoot up really fast. Lastly, the MACD has flattened and is already trending upwards which is a good sing as well.

Happy and safe trading everyone.

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Bittrex announces it will delist GCR-BTC and price drops enormously. Lets see what the crypto gods have in store for us next.

xaloc

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