The social cryptocurrency Reddcoin (RDD) has already had two breakouts above one major and one minor trend lines on the 1H chart, which confirms that the bulls seem to be dominant.
A breakout on the 1D chart seems imminent, most likely over the next 24h or so and above 75 satoshi. Price target should reach at least 135 satoshi (just below previous high) over a few weeks period, potentially up to 200 satoshi, if the price jumps similarly to the last big growth spurt.
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Nice prediction! Fingers crossed..
Your post is very good, I like it and I think other people too so. Thank you for sharing. I will always follow you, upvote and maybe i will resteem
Upvote your post. Hopefully what I do you will also do in my post, best regards steemit always.
Buying some now
Hey @jarexx , great post!!! I'm a noob to chart analysis and was just wondering if you wouldn't mind explaining to me how to draw your criss-crossed diagonal lines, and what they mean etc. If you don't mind, thank you! :) OR if you wouldn't mind showing me a decent video on them, please. Love RDD, a little worried about wildspark for them but hope maybe they can work together or something.
Hi @astronautjon, thanks for following me.
Those are trend lines that I use to establish what I believe is the resistance (price ceiling) and support (price bottom) levels.
On the 1H chart, the purple and yellow trend lines are the resistance levels, above which the prices don't seem to go (buyers meet resistance from sellers). However, when there is a "breakout," the buyers are much stronger than the sellers, so they break through the resistance lines. That signifies that the (downwards in this case) trend no longer applies and the price should move upwards now.
The red trend line represents the support level for those last several price movements, under which the price doesn't seem to go. That's a good thing in this case, because it shows that the price will continue to go up (above the red trend line).
The blue horizontal line, which the sellers merely touched in the last month or so, is the 61.8% Fibonacci level, to which price levels tend to retrace after a significant rise in price (all of those big green candles to the right). You can use the Fibonacci tool at pretty much all exchanges, including Bittrex. If not, try TradingView.com, but I don't believe it supports Reddcoin right now.
In this case, the Fibonacci line simply shows that it's very unlikely for Reddcoin to move below it, even if the sellers break downwards through that bottom white trend line (basically from above 68 sat to 57). But I speculate that because the bulls are so strong the 1H chart, the bears won't be able to break through it, so the price will continue to move along the white trend line upwards, until it breaks through the white trend line above (the resistance line). Once that happens, prices tend to spike-up, and it's very likely they'll rise as the previous big green candle sticks did, in a relatively parallel line (the dotted green line).
Trend lines article
Trend lines video
Its nice to see Reddcoin making moves. Its long overdue!
Awesome man. . . I did my trend-line as well and predicted a breakout in roughly 2 weeks.
Either way I'm excited to see what happens in July for RDD.
Nice post. I fully understand what you're talking about. I strongly advice people to only buy in to cryptos that have a solid background: A solid team, product, advisors, preferably VC investors, etc. Sell all cryptos that don't have this solid background. It's a waiste of money. This is quite an interesting website I found: https://www.coincheckup.com. Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. Check for example: https://www.coincheckup.com/coins/Reddcoin#analysis To check Reddcoin Research report.