SKY - we are approaching a big breakout !Price is inside a bullish ascending wedge.
Volume is rising.
Historic volatility funnel is telling that liquidity is coming back big time.
In my view we are approaching a big break out !!
Skycoin
SkyCoin - a top performer !!Since my last post where I gave an "immaculate entry point" at 76 cents, SkyCoin has been one of my top performers:
SKY is up 103 % in 18 trading days !!
After a false breakdown from the bullish wedge it has hit support and made a powerful "around-the-apex" move !!
Right now it is battling with some resistance at 1.52 - 1.54....
But it could very well break through that directly !!
This coin is SEVERELY undervalued, GROSSLY underrated and ASTONISHINGLY unknown in the digital asset space !!
It could go SKY high !
Why I bought more SKYCOIN tonight !!SkyCoin is an extremely underrated project !! Actually rank 729 on CoinMarketCap and 17 Million MC.
It has several working products and their team has never stopped working during the entire bear market from 2018 until 2021 !!
Go have a look at their website: SkyCoin platform, SkyWire decentralized internet, Obelisk new consensus algorithm, Fiber peer-chain architecture, CX a custom-built programming language, CXO peer-to-peer cloud storage service, SkyMinter hardware, SkyMessenger encrypted messaging service, ....
Their work has been impressive until now !!
They believe in what they do and do not spend precious resources in marketing efforts.
Time will come when they will come out of the woods and promote their products when mass adoption comes.
The Legend John McAfee had a SKYCOIN tattoo painted on his back !! He must at some time had a very strong feeling on this project !
Technically SKY is bouncing on a very important support at the 0.764 level (green dashed line).
On the beginning of February price jumped quickly from 0.5 USD to over 18 USD in a matter of 5 days !!! ATH was around 50 USD; so the upside potential is important.
Price has since then come back to test the breakout point between 0.76 and 0.91 USD and will likely bounce on the apex of the yellow ascending triangle before taking off again.
I seized the opportunity to load on SkyCoin tokens and more than doubled my long term position !
Time will tell if and when price catches up with SkyCoins outstanding fundamentals ....
#SKY/BTC : Learning Wyckoff Accumulation Schematic #1 ------------------------------------------------------------------
What is Skycoin?
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"Skycoin (SKY) is an open-source, community-owned, hardware-based peer-to-peer internet that leverages the incentive structure of the blockchain.
Skycoin’s platform has been billed as 'completely secure, infinitely scalable, and ISP independent' by the project team. Skycoin is focused on security, usability, and ease of use.
Skywire, the flagship application of Skycoin, aims to decentralize the internet at the hardware level. Skywire's objectives extend beyond providing decentralized bandwidth - it also aims to offer storage and computation."
www.skycoin.com
coinmarketcap.com
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Skycoin is in a category of Cryptocurrencies called "Web-3",
"Web 3.0 is slated to be the new paradigm in web interaction and will mark a fundamental change in how developers create websites, but more importantly, how people interact with those websites."
If the Web 3 Category of Cryptocurrencies gets some positive attention or news this would be great for Skycoin also.
www.techopedia.com
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What is Wyckoff Accumulation?
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"One objective of the Wyckoff method is to improve market timing when establishing a position in anticipation of a coming move where a favorable reward/risk ratio exists.
In accumulation, the shares purchased outnumber those sold while, in distribution, the opposite is true. The extent of accumulation or distribution determines the cause that unfolds in the subsequent move out of the TR ."
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A trading range shows us an equilibrium between buyers and sellers, and the Wyckoff Theory & Schematics give us clues to which probable direction the price may head out of the horizontal moving price structure.
In this particular example on SKY/BTC : Skycoin we can see the highest volume on record was on the buy side when the price fell below the Horizontal Trading Range, if the price can get back inside this area it may be a good clue that it was a fakeout trapping the sellers below the range, and transferring the wealth from the fear striken to the hands of the patient for the next Mark Up phase.
See Wyckoff Links below for further knowledge & reference Schematic of Accumulation, I have also included the schematic on the chart.
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Source and more great basic intro information for Wyckoff Method:
school.stockcharts.com
Current Schematic on Skycoin:
school.stockcharts.com
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If Skycoin can find support at the 0.000045 area then a strong upside movement to 0.000063-0.000076 is possible, in the case of a Alt Season or continuous Crypto Bull Market even higher prices can be achieved once the Trading Range is claimed again.
Thank you for reading, don't forget to follow for more educational ideas and Wyckoff Templates.
SkyCoin - 15 days left to get aboard !!SkyCoin is a solid but unknown project that has several use cases and several working products (please refer to past posts).
It has been bouncing inside a bullish wedge for about 4 months now, since big money wanted to get in (price spiked 800% in 1 day back in February 2021).
There are 2 weeks left to get aboard. June 2nd should signal decision time.
My guess SKY will break to the upside.
Let's watch closely how this one unfolds.
Personally I may enlarge my position.
🆓Skycoin (SKY) May-12 #SKY $SKYSKY has just been rejected from the 7000sts zone and is heading to 5000sts zone. If it could stop the decline at the 5000sts zone, it will move up to 10000sts zone in June
📈BUY
-Buy: 4800-5200sts if A. SL if B
-Buy: 6800-7200sts if A. SL if B
📉SELL
-Sell: 6800-7200sts. SL if A
-Sell: 9750-10250sts. SL if A
♻️BACK-UP
-Sell: 4800-5200sts if B. SL if A
-Buy: 3400-3600sts. SL if B
❓Details
🕯Timeframe : 1 Day
📈Red Arrow : Main Direction as BUY & SELL section
📉Blue Arrow : Back-Up Direction as BACK-UP section
🟩Green zone : Support zone as BUY section
🟥Red zone : Resistance zone as SELL section
🅰️A : The Close price of candlestick is Above the zone
🅱️B : The Close price of candlestick is Below the zone
SKYBTC Reaching Strong 100 EMA supportFrom the last several days SKYBTC is constantly decreasing in value, and eventually is reaching EMA 100 support level. I’m expecting bounce from that level around 25% to 30%. Keep your stop loss around 3150, which was previous support level.
From indicators side, stochastic RSI is strongly oversold and the most bottom level.
SKYUSD Recent Price ActionThis is just a simple support resistance style chart with Skycoin price action from the last month. The lines are drawn from my script but I added one more at 5 which relates to a fibonacci level created from a spike just a short time before the time this chart shows. This is simply just a level I am watching that relates to a retracement from a previous spike in price.
$SKY WILL FLY HIGH!!Looks like we are forming a symmetrical triangle pattern on 4H. If it breaks it can gain 170 % in $BTC!
IMO. It is a buy rn.
SkyCoin - somebody wants to get in !!I have covered SkyCoin since 1st July 2019 (see previous posts). The last post was from August 2020 and was titled "When will Sky finally wake up ?"
I think tonight we got the answer !
24H volume is 23 million USD. That equals its actual MarketCap.
24H volume is 50 x higher than average 24H volume !!
The price formed a wick to the upside which shows that somebody is impatient to get in.
Accumulation phase was over 2 years ... but now somebody is in a hurry !
Price was up 1300% at a certaine time and shoot up to 7.50 $ for a moment - this clearly shows where SkyCoin is headed !!
7.50 $ in the near time - ATH in the mid term (ATH was above 40 $ !!
SkyCoin is a very underrated project and it seems to me that it is now poised for a re-rating !
MY SKY PLANClear range breaking down, if price is capable of closing back inside, I will be a buyer aiming for mid and high range.
When will SKY finally wake up ?There has been some big volume coming in lately ! Look at the white rectangular box ! Massive green volume candle !!
There is evidently BIG MONEY interested in this project - even if it seems to be a sleeper !
It has been difficult non to sell a portion of my 3rd biggest holding. I was tempted to allocate funds to some project that made 4 - 5 - 6 - 7 or even 10 x for me !!
However I held strong !
Something in my guts is telling me this one is worth waiting.
RSI is showing some parabolic strenght.
OBV is ticking up - even if the rise is not linear.
BIG BASE - BIG MOVE - have told me those that taught me Technical Analysis.
Keeping a close eye on SkyCoin !
SKYCOIN - Starting to form a new trend?As previous charts would indicate, I have been following this project closely for over a year. The major pullback that happened last year after a date on an exchange listing was missed for Coin Hours ( SCH ) that are generated when you hold SKY in official wallets.
Eventually, the project is working to allow this asset to be the payment system to purchase bandwidth & services on the Skywire network. In April, Skywire Mainnet was launched to begin the transition towards this goal.
Recently SCH was listed on its first exchange & began to trade on XBTS. Most notable here is the FUD surrounding last years pullback is now finally getting filed as last years business.
The increase in volume since Mainnet launch and this listing have combined to create the largest volume candle on the chart. Volume is notable because SKY currently has only 18M in circulation. When this pumps, it seems like it moves similar to a low float stock.
TA:
Major trend resistance was recently broken by the exchange listing news (orange line).
A fibonacci retracement pattern charted against last years high shows .8 range as major resistance. I would not be surprised to see this tested a few more times before the next breakout.
If .8 becomes support, that is a clear signal for a strong continuation upwards. Note, there is a volume gap between .8 and 1 where not much overhead resistance will come into play.
Trendline support will converge with the .8 resistance zone in roughly two months. It will be interesting to see how these two trends interact.
$SKY looks ready for a sky-shotIt seems to be going under a trend change (from bearish to bullish) and looks ready to test resistances.
POSSIBLE 3X... SKY IS CLEARThis is the trade that i took. Decent correction phase occur almost 300 days. Now it should push higher targets. Follow for more.
Backtest completed - skies are clear !!Backtest of (former resistance) support line has been completed successfully several times.
Volume coming in confirming the breakout.
On a day of red in crypto land SKY is in the green and could soon spike for blue skies ...
Let's follow this one closely !!
(... it's the second largest position in my portfolio) it's my wild card !!
LAST CALL BEFORE BREAKOUT !!Accumulation period almost finished.
Volume is growing for we almost got to the extreme of the bullish descending wedge.
Breakout of the steep yellow channel was the first step (huge volume confirmation).
Long sideways green wedge pointed to almost 1 year accumulation phase.
Price held up well at around 50 cents for ONE FULL YEAR now !!!
You had a long time to accumulate at these prices; now the train is leaving the station.
Huge long term positive divergence on the RSI (green line below).
This project is BIG ! DECENTRALIZED INTERNET !! It is still under the radar ... but not for long.
SKY BTC BUY (SKYCOIN - BITCOIN)Hi there. Price is forming a possible continuation pattern to the upside.
On lower time frame price has formed a reversal pattern at the bottom of the continuation pattern to change its direction.
Watch strong price action at the current price for buy.
LONG - SKY - Trading OpportunityBINANCE:SKYBTC looking like a really strong bounce is coming soon, multiple bullish divergences, holding on a really strong support.
Entry: 0.0000455
Target 1: 0.00005149
Target 2: 0.00005693
SL: 0.00004339
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