Smoke Market Analysis - Dumped and re-pumped - 2/18/2019

last month

Where we left off

Last analysis we were looking at this symmetrical wedge, and expecting a breakout. We saw the breakout, and it was a rather nice pump but short lived. I normally don't call the dumpers out (you can look that info up for yourself on a bitshare explorer), but since he posted about it @MJGeeks single handedly dumped us down from the entire pump back to the previous low. The Market managed to absorb it well and built off that low and has started to begin a new pump.

The Pump

I wanted to do this post 3 days ago when we had the bullish engulfing candle on the daily (3 candles back from the current one on the chart). I felt that we would have at least a small move up after that, which we have seen. We're pressed up against horizontal resistance (previous support), if we can push up higher, it should be pretty easy for the bulls to take us up to the top of the symmetrical triangle.

Volume

Volume is fading away. Considering where we are in the charts with price having moved down into sideways at our support level, I am looking at this as bear exhaustion. The sellers are running out of steam. We are seeing a lot more red days than green days, but the green days are moving price more.

The Books

We can see a huge buy wall on the books that would take 68k smoke to knock down. There is not much on the sell side of the books as usual. We see smaller walls get put up, but the bulls have been taking them out. Aside from the big wall, liquidity has been thinning out as volume increases. That, and being able to actually see what happens on the blockchain, tells me that a lot of our buyers are powering up.

Outlook

I'm not entirely sure what is going to happen moving from here. Short term I would error on the side of us moving up.

Long Term View

Taking a longer term look at things this whole trading range could be an accumulation zone. Our biggest volumes are all on green days. So while I think it is possible to see price break down below this area that has held price for so long, ultimately I do think price will move much higher than 1 BTS.


#cannabia #smoke #market #analysis #pump #dump #trading



Get 4.2 Free Smoke Power On Sign Up To Start Your Journey On Smoke! The First Cannabis Community That Pays You To Post And Curate Content You Love..
Sort Order:  Trending

I bought some SMOKE on Bitshares today, for the first time. I did not realize the withdrawal fees were so high.

·

Yeah, BTS fees are high, and there is no way to customize them like with BTC. kinda sucks

·
·

I was just informed that I should have used BTS for the withdrawal fees, instead of SMOKE and it would have be quite a bit cheaper.

·
·
·

What was it in smoke?

·
·
·
·

Yea, I paid the withdrawal fee with SMOKE

·
·
·
·

It cost 96 SMOKE !

We need to pump smoke up 💪🏻

Definitely we need listing on major exchanges, i believe that can fetch us more liquidity.

·

Liquidity comes from people putting coins on the exchange too though, so whilst a big exchange would be a potentially good source of buyers it would still need sellers

·
·

Indeed. We need to focus on new users. Price and exchanges will be inevitable if we do that

Heyyy!!! Pretty crazy stuff. I was just talking about it today, and what a great learning experience that was. Helped me understand a lot better how markets work.

·

Yeah, Markets are an equation balancing liquidity on the buy and sell sides of the books with volume. You created volume, eating liquidity lol

Weird words sound mostly good.
Walls bad? Bulls bad? Bad bulls!
Candles! Yay!

That I don't understand it doesn't mean I don't appreciate it :)
Thanks @rawpride

·

lol, if it's something that interests you, it takes a bit of getting used to. If not, I wouldn't worry about it :D

·
·

I really like understanding things - very serious about the appreciation. I'm l'm learning a lot around here.

it's hard to analyse when only one person can cantrol +-200% of the price

·

Trust me, every market has someone who can do that to it

So is someone bought this 68k smoke how high would it drove the price?

·

It wouldnt, its a limit buy, so sellers have to sell to him or her at that price

We're also seeing a nice pump across the greater crypto markets, if that continues we'll probably see an increase in the value of smoke

·

I am afraid this pump will be short lived. we shall see