RCN/ETH Moving Up? Pennant Pole Forming, but Heavy Resistance

23 janv. 2018

This continues to be another thought exercise for me. Hopefully it will be for you too.

Any comments about my approaches are welcome as we often best see the errors in others than we do in ourselves. It seems the market sometimes speaks well to me while other times, it's a completely foreign language.

Continuing the mission to dig myself out of negative holdings, I'm looking for ways to buy and sell. In looking at RCN/ETH, I noticed a flag formation forming. The last time I saw one forming, it hit about 2/3rds of the way up, so I'm planning to sell at either 2/3rds up or completely up depending on how the market is feeling. I've read that flag poles are what to look for and pennants tend to indicate a potential reversal of trend. Maybe my brain is a bit off, but I've seen pennant poles indicate upwards growth. Part of this thought exercise is to help me check my logic.

TA today is based on 1 hr bands and will be noted otherwise if not.

GOOD FOR UPTREND:
TA that indicate yes towards an uptrend.

*Pole is near completion and is well formed.
*Bands indicate upward continuation with increased volume post-sqeeze.
*Volume is reducing as market comes to equilibrium.
*RSI is currently pointing slightly up at 62 after hitting high on pole at 70.84
*MACD is showing upwards growth.

BAD FOR UPTREND
TA that indicates potential issues.

*Sell/Buy book
0.00032: 254,687
0.00031: 102,638
0.00030: 104,273
0.00029: 21,544
Current price: .00028379 ETH
0.00028: 18,088
0.00027: 71,581
0.00026: 34,639
0.00025: 28,329

*RSI is still higher overall at 62 with recent overall low bear-like market behavior for past several days.

*MACD blue line is flatlining while signal line approaches

CALCULATIONS:
*Pennant pole calculation
Top of pole: 0.00029420
Minus bottom of pole: 0.00024541
Equals a difference of: 0.00004879

*Sell calculation
Bottom of pennant: 0.00027895
Plus pole length: 0.00004879
Equals a sell goal of: 0.00032774

24 janv. 2018

Note

I've seen at least one instance of a single buy of over 80,000 as of late, thus causing the 1800 hours great upswing and drop.

Checking at 30 minutes per candle shows a continuation in bands. RSI is 72.1 and aiming up sharply. Look MACD is diverging.

Still heavy resistance on the order books just above current price (0.00029900 ETH).

24 janv. 2018

Note

Target continues to move up overall. If looking to short, I'd consider selling now. If going for a long term move, Id probably hold.

The buywall has moved up, but is still sizeable.

0.00035: 58,968
0.00034: 90,455
0.00033: 59,258
0.00032: 20,961
Current price: .00031482 ETH
0.00031: 30500
0.00030: 58,666
0.00029: 11,115
0.00028: 23,439

TA data (In 15 min interval data format taken at 12:53 AM CST - Chicago):
*MACD's blue line is loosing intertia, but it still aimed up.
*RSI is at 71 and flat.
*Latest volume sales indicate 137k buys and 80k sells. Buy has a 57k upwards buy advantage at 15 minute data.
[Drill down data]
*Latest 5 minute data says 47k buys 127k sells followed by 12k buys and 48k sells. Sell has 166k downwards sell advantage.

24 janv. 2018

Note

I forgot to add that Bollinger Bands indicate continuation of upward trend.

Still, be cautious and check volume to ensure adequate buying of sell wall. Buy wall is also being built.

24 janv. 2018

Note

Added a related idea about the pre-pennant concerning double tops.