Smoke Market Analysis - The charts are ugly - 6/8/2019

in #news
4 months ago

Support and resistance.

The last time we broke a major support level, we fell significantly lower, and never even got back up to the previous level of support. I'll be the first to admit I thought there was good chance that we had bottomed, especially with Bitcoin and most of crypto going into a bull market. Two large holders dumping their entire supply it seems, and that is driving price down, as it exceeds the current demand. They will eventually run out of smoke. At that point, if demand exceeds the supply at that price, we would begin to move back up.

Bearing Descending Triangle

Our bearish descending triangle seems to be playing out. As much as I don't want to call for it, I would expect us to move lower.

Thick buy books

We have pretty thick buy books a little below current price, but depending on how determined our seller is, he can drive us through the first one at least. We don't seem to have any real motivated buyers. There isn't much liquidity going up, but there is more than there has been in the past.

Firm downtrend

We are in a firm downtrend. On a zoomed out daily time frame, we are in a descending wedge without a floor (meaning if we fell straight down, we would hit 0 before the bottom of the wedge). We need to break the top of this down trend, which will happen sooner or later. A clean break of this could mark a bottom.

Buy when there is blood on the streets

Often times when things look their darkest, the bottom swoops in. As people panic and sell their bags at the bottom, whales tend to take advantage, then drive the price up so they can't buy them back cheap. Is smoke too cheap yet?



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I will buy a few Million when it hits zero. What is the actual price in US dollars at the moment ? I find Bitshares and Rudex super confusing .... nobody understands it.

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You can easily calculate the price by multiplying the smoke/bts price on rudex by the bitshares/usd price. So for example, at the moment, Bitshares is 5.9 cents a bitshare. Smoke is trading at a ratio of 0.171.

5.9 x 0.171 = 1.008

So Smoke is almost exactly 1 cent a coin right now.

There won't be a few million for sale lol. If you want to pick up cheap, I think now is the time, I'd put in a buy order and hope our dumper cough check the link to see who cough dumps into it before he runs out. If someone tried to buy, they would only be able to buy 5 to 10k smoke before they double price.

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The smoke price monitor on my blog gives the price in usd now 👍

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That's dope

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Excellent. Thanks. Will follow there.

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I hope you're right about them driving through the 1st one, I wouldn't mind having all that smoke at 0.125.

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That's you? lol

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Yep, gonna grab my slider pay to play style.

Good info.thanks.

Could you also monitor the rudex.smoke:bts market pair? Since it represents SMOKE deposited from the smoke network, instead of ico tokens.

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Yeah, can monitor it on rudex's wallet on here too. I know exactly who's dumping all this smoke. I just wasn't trying to point them out, but it can be found here https://bitsharescan.com/buy-sell/RUDEX.SMOKE_BTS

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Why are they dumping all their Smoke ?

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You'd have to ask him.

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I see they are no longer a Witness.

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Some people do have to cover expenses, but it's rather premature to be selling imo

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Made a price monitor on my blog too: smoke-indica.com/smoke

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Excellent.... thanks.