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Vialong

$VIA #VIABTC Extensive Technical Analysis - Day Trader ExplainsHello Lads and Ladies, Welcome back to the TJs Daily TA Session, today requested by the traders of the Elite Trading Group, we will be taking a look into the pretty amazing and hardly to analyse chart of VIA/BTC. This chart has been shared even around twitter and people mostly simply make fun of it. My goal is definitely to make crypto understandable and to teach TA, even on pretty harsh charts like these. I would say, if you first did not know what to do and at the end you know, you have to leave me a like :D Alright, lets begin. First, we had a pretty strong downtrend since the month of September. We have seen multiple touches in the green rectangle which symbolises our pretty string "buy-zone" and a strong support. Here I see a common mistake most people would do. The very first market structure looks like a head and shoulders at support and people would short it. I would give a normal head and shoulders formation a chance of 15% for a successful shorting position AT THE BOTTOM and AT SUPPORT. Please, keep in mind, HnS and iHnS are REVERSAL patterns and not continuation patterns. The next most eye-catching event after the failed HnS pump, is a huge wick upwards and this a so-called fake-out. This is not the first time something like this has happened, yet this time we have a very strong price increase as the continuation after it. This continuation is seen where the price consolidates with a channel, indicated in bright blue. in this channel it is taking a multiple ups and downs, yet strongly respecting the uptrend and its angle, even by having multiple tries to breakout. Inside of this channel we can see the "triple-valley" continuation pattern. Even at the end we had a very nice breakout.. Lets take a look a deeper look at the breakout after the triple valley continuation and what has followed. The interesting things start happening around here. This breakout had a beautiful increase of double digits, YET re-tested the previous resistance as a form of support. this support was holding and after this confirmation, it had its third push and continued rising. This retracement went to exactly the 78.6% line, which is not a very common, nor string number on and for cryptos. Anyhow, this does not matter for us because it pumped, so it successfully tested 78.6% and the previous resistance as support. Continuing with the second big push and the situation we have right now. We have had the next beautiful increase, YET need a retracement for being able to increase more. Therefore, we are using the fibonacci tool to see possible areas of retracement. Here normally the 61.8% play a major role AND would be at the previous very big support from where it has been broken down in September. The price point we are at right now is the price of the 50% retracement, which is as well a strong point for a bounce. ANYHOW, we have seen already that VIA/BTC is not very much respecting the 50 and 61.8% lines, rather bounced from 78.6%. This might be the case once again and it would basically mean for us a further safe stagger point. But TJ, why stagger there? And how much? we are using Fibs to see potential retracements without breaking the trend. Adding to it, we like having these points at some kind of support or resistance lines or trend lines from previous structures. Our 50% order is simply to have an entry. The 61.8% is strong previous support and would be touching the uptrend channel resistance. The 78.6% is possible, likely, maybe even expected because it would confirm the uptrend support of that channel once again, which has happened many time before and then simply continue rising more and more up. The LAST stagger would be at the orange line, which is has been a strong resistance while the triple valley has been forming and then it got confirmed as support. We MIGHT head down to test that support again, would double bottom there, have a perfect entry and make heaps of profits afterwards. Indicators are for me all pretty high, pretty overbought, pretty much calling a retrace. Now.. these are still so much up even with already a 50% retracement.. therefore 61.8% might not hold again and we will either re-test the channel OR the orange support. This is how I will make my trade VIA/BTC Binance BUY "x"1300 - 2"x" 1257 - 6"x"1197 - 18"x"1119 Targets (previous staggers) - 1370 - 1475 - 1570 - 1700 - 1850 Stop Loss CLOSE below 1099 (4h, Heikin Ashi) Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins. This is as always a delayed post, if you are interested in first hand news, feel free to join our group, Cheers, TJ
VLong
by KongTrading
$VIA Might Get's Real Violent, but How High?VIA is rangked #259 on coinmarketcap and having 23.1 mill coin supply and 23.09 is on circulating. Via is SECURE MICROPAYMENTS and has a 24 second block time, low transaction fees and a strong network hashrate. This makes Viacoin perfect for making fast and secure (micro)transactions. Interesting concept of VIA actually attracted to trader which they successfully gaining demand and right now has listed on Upbit, Bittrex, Poloniex and Binance. Chance to get bigger exposure is quite possible. At the moment I see fractal on VIA chart which make sense that we can bounce anytime from here. As RSI is below 50 level, is quite a lot of room to grow but skeptically is not really enough to gain momentum. Even so, i'm looking to accumulate the price all the way down, minus evey 500 sats. And looking to put my sell order at least around my 0.382 fib level, it's 25945 sats. The possibility is still huge as you can see the recent cycles. Due to volatility, I really encourage you guys to DYOR and Trade safe!
VLong
by blockchaindedi
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