#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.
Skyusdt
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.
SKY/BTC (Weekly Support Brokedown?)💎Technical Analysis Summary💎
BINANCE: SKYBTC
-Skycoin broke the weekly key level of support
-The price is starting to go lower while BTC is going higher
-Technically, this is bearish because the new Lower Low is made
-Since there is no logical support to be found
-Price discovery will occur and longer consolidation is expected
-So if you have a position please reduce the risk exposed
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SKY/BTC (Strong Breakout)SKY/BTC
-Cross Ultimate indicator flashes Buy signal priority last July 10
-the price has increased over 80% returns
-there are two best entries highlighted on the chart
-assuming this is the temporary top price today
-immediate areas to watch is between 0.236-0.382 fib support
-wait for the price to consolidate and give bullish sign reversal
-please do not enter blindly
SKY/BTC (Swing Low Support; Potenial Bounce?)SKY/BTC
-the price reached the swing low support area
-if this is another potential bounce up
-we might see a retest of the trendline resistance again
-if a break of resistance is happening
-trend change and target the upside up to 7700s
-enter a Buy order once a line resistance is broken
SKYCOIN WILL PUMP HARDhello traders just looked at sky coin for the first time, it appears to be in an accumulation zone. I expect it to pump to monthly resistance in black within the next few weeks. Breaking this level is extremely bullish and should give us a huge pump. A rejection from this will send us to weekly level blue, but that is a buy as this looks like textbook accumulation to me. So buy the R/S flip on the monthly or wait for the blue level.
SKY/BTC TA Update (Breakout Confirmed)SKY/BTC
SKY broke bullish of this descending trend-line resistance but immediately rejected by the 200D MA.
Though rejection is seen on key resistance areas, Bulls still has the chance to prove this breakout is real and has more room for growth in the coming weeks.
Key areas must hold is between 6000 - 5000 sats to keep the uptrend momentum in good control.
SKYUSD - close to break outLooking to break up from the wedge. The skybtc chart is at resistance as well. Both signaling a potential move up if it can break resistance we are at now.
SKY BTC LONG SKY now are holding his support and we see a few bullish sign here.Macd it s oversold and it s still curbate up and also macd bear volume decrease.NICE Stoch Bullcross and RSI growing.We don t have ichimoku resistance at 1D timeframe so in my opinion this coin can grow from here. Targets 503-530-552-578-597
Breakout coming in SkycoinTightness of consolidation and well defined structure + demand pressure in blue suggests an imminent breakout in Skycoin. Measured against Ether it'll likely be the stronger in the coming hours/days/maybe week(s).
