AMP
Amp Breakout PredictionI did some drawing instead of holding my fingers in-front of my eyes and squinting. This is new for me, and I could have gone overboard on the aesthetics, but If I'm right; and AMP follows this very beautiful and geometric pattern; then this whole system makes no sense.... Or does it. I'm not sure. I will start learning the terms and some real indicators for future work... hopefully.
AMP M formationsM formation
Neutral formation in a bearish trend
Seems to be forming an inverse H&S similar to one previously seen
High risk high reward
I believe this will play out bearishly however. Continuation of the bigger M formation (in orange)
Quite hard to decipher the nature of this chart,
HyperSpace (AMP) - Rounding Bottom + 63-day high @coinselorA lot of micro caps are breaking out with new significant daily highs. AMP formed a clear rounding bottom on the weekly. It is currently retracing from a new 63-day high. At this time, there isn't a good trade opportunity given risk-reward considerations. Volatility is way too high. Waiting for an intraday consolidation near S/R red line to reassess a setup.
BITTREX:AMPBTC
Market Cap:
$529,576 USD
64 BTC
Amplitude IndicatorAll in green
Amplitude is the measurement of the difference between the variable's extreme values.
This indicator is based on the Balance of Power (close-open)/(high-low).
Instead of taking the value of a single candlestick , exponential moving averages are used in the formula.
On it's lowest settings (1,2) it's exactly the same as the Balance of power , by adjusting the smoothing you can seen the highs and lows in momentum of the chosen period. (highly adjustable RSI )
By adding a simple moving average (Signal Line) it turns into a cross-over type, like MACD with a histogram.
This indicator is doesn't have a default or 'best' setting, instead I use the Fibonacci numbers as input. (1,2,3,5,8,13,21,34,55,89,144).
Depending on its settings this indicator is well suited for binary options, trend and reversal trading.
AMP approaching resistance, potential drop! AMP is approaching our first resistance at 135.59 (horizontal pullback resistance, 61.8% fibonacci retracement, 100% fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 120.34 (38.2% fibonacci retracement).
Stochastic (21,5,3) is also approaching resistance.
AMP approaching resistance, potential drop! AMP is approaching our first resistance at 133.04 (horizontal overlap resistance, 161.8% fiboancci extension, 38.2%, 61.8% fibonacci retracement) where a strong drop might occur below this level to our major support at 118.39 (38.2% fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price.
$AMP, Had To Let Them Know…
Weekly
Looking at our trend timeframe we see price continuing to respect our downtrend with support found 500 satoshis. Last week’s candle left us with an indecisive doji. Last time price was this low was back in November 2015 when AMP was first added to Bittex where we ran from 500 to 24000. Not expecting the exact same run, however I am expecting a push towards 15000, will watch smaller timeframe for entry.
Daily
Shifting over to our pattern timeframe we see price is stuck in consolidation between 620 and 670. Today’s open was 647 with a low of 625, and a high of 711 satoshis. Stochastic RSI showing momentum is in favor of bulls, a daily close above 670 activates our trade. A rejection from 670 and expect a sell off towards 500.