GUP has been scraping along my drawn support line while the 1 day and 4 hour RSIs reset. On those timeframes, we definitely look ready to pop off in a big way.
The 4 hour RSI is on the bottom and has started to curve up.
The 1 day RSI also looks phenomenal. It has been floored for several days and I think it’s unlikely that we don’t see a major jump pretty soon.
GUP has product launches on both the 18th and 22nd. We are approaching those dates quickly and the technical analysis for GUP has set us up for hopefully some great gains with GUP.
The only foreseeable scenario in which I see GUP going down in the short-term would be if we see a BTC bull run tomorrow, which is very possible. However, lately it seems as though alts actually pump with Bitcoin, so that could create a very interesting scenario. Either way, tomorrow I’ll be watching all my holdings closely as I think we will see some great price movement.
GUP has been filling out this triangle exactly as I had predicted.
As expected, we bounced off of support. I have a feeling we will head down again to retest. If we break the support, I’ll be looking to unload what I have for a profit and buy in at a better entry. From here, I expect to see some upward price movement to meet the resistance again. In my opinion we will have a couple more days until we break out of this formation.
Today I entered THC. Here’s the website. THC has an upcoming rebrand, new whitepaper, and brand new website. This is all supposed to happen on January 26th. The events drew my attention to this coin. Rebrands tend to draw a lot of attention to coins and in the past have resulted in success for the coin (project and price). The THC team is also planning on implementing masternodes. For an explanation of masternodes, click here. Adding masternodes is a huge catalyst for coins, and coins that add this feature almost always experience a price increase from this news alone. The developer has stated that the required amount to start a masternode will be 20,000 THC. Even if this coin doesn’t end up serving any useful or unique purpose, the attention from this complete overhaul of the project’s image will boost the price (welcome to crypto).
Next, I took a look at the fundamentals. THC has a total supply of 230 million. The project was dormant until early last year and by reading the forum posts, people have been buying this up since December 2017 in preparation for all of these January events. THC is a proof-of-work and proof-of-stake coin, meaning you can mint new coins by either mining them or simply holding coins in a compatible wallet. This means that the average person will have incentive to hold the coins in their wallet instead of just selling them when the price goes up which is great for the price because it creates more demand and less supply (on the market). The thing that convinced me to enter at the earliest possible good entry was the rich list. Here’s a link. As you can see, the top 25 addresses hold over 50% of all the coins. That could be some massive whale accumulation. All of this has convinced me to enter the coin. Next, I just had to do some TA and find a good spot to get in.
As it just so happens, now is a great time to buy this coin. Here’s a chart:
This is the 4 hour chart. As you can see, we are currently on an established support with 3 touches so far on the 4 hour. I entered at .000039 BTC (3.9k satoshi). There is another support at .00003 BTC (3k satoshi). If we break the first support, I will add more at the second support if we make it there. It seems likely that we break the first support, but I kind of doubt we make it all the way down to the 3k satoshi support so keep a close eye out for a good entry and check the chart often. In the meantime, try to keep up-to-date on any announcements or rumors with this coin. Pay attention to the bitcointalk thread and set Twitter alerts for their account.
ZCL held up great overnight. Instead of coming back all the way down to support, we got another leg up. We are now consolidating and the 1 hour RSI is almost reset. The Bitcoin Private Twitter account published an encouraging tweet yesterday, encouraging us that progress is being made. The next thing we need to watch for is whether or not Bittrex will support the airdrop. That would be huge news and it would undoubtedly validate the project. I think that once ZCL and BTCP announce a specific date, we will see an announcement from Bittrex.
On the 1 hour chart, we are currently consolidating while the RSIs cool off. I doubt that we see that bottom support line again unless BTC makes a big run. Here’s the 4 hour chart:
The 4 hour RSI is still high, but it has retraced a little. Once the 4 hour gets a little lower, we could see another leg up immediately. Again, I am watching this coin closely because of how fragile these projects can be, but I’m not looking to day-trade this coin. Holding until the BTCP snapshot.
ZCL is moving along nicely. I’m not really looking to day-trade this coin as it is important to maintain a good position in a coin that has such a big catalyst coming up, but we did verify that support from my entry and now it looks like it is just cooling off. We may come down and touch the support again before we see another major price move. If we break support for any reason, I’ll be adding and averaging down as we go (unless there is bad news about the airdrop). At this point, we are just waiting for some more news about the airdrop (what exchanges will participate, when the exact date is). You should be on your toes with this coin, but if all goes well this should be a very profitable trade.
After the big push up for GUP, it seems destined to come back to the bottom and bounce off support.
The 4 hour RSI has crossed and begin to descend. If we see GUP take a rather gradual fall to support and the 4 hour RSI is able to reset with GUP only going down halfway through the triangle, we are looking great. Otherwise, we will touch on support again and continue to fill out this triangle and hopefully break upwards on the back of news coming this month. Still watching GUP, but I’m fairly confident holding this one for a week or more at this point.
GUP had a great morning and I am up more than 20% from my reentry. I feel good about GUP going forward because it has two product releases coming up and hasn’t fully completed it’s cycle as a lot of the other coins have really shot up in the past few days. What I expect is for us to continue to fill out this triangle and eventually break resistance upwards. It is very possible that GUP could break the triangle now, but in my opinion it needs to cool off for a bit. If you haven’t entered, I think the next dip would likely be to .000085 BTC but a very safe entry would be more like .000077 BTC. I will keep you updated on GUP as things progress.
Earlier today, I entered ZCL. Following my entry, ZCL pumped by almost 40%. It has since cooled off and I’m now up around 15% on my original entry. This coin has a long ways to go in my opinion. The direction of the market is dependent on BTC’s moves, unfortunately. I’ll be watching ZCL closely in the coming days/weeks leading up to the BTCP fork. Here’s a chart:
I think that ZCL will maintain an uptrend and may not even retest the established support for quite some time. It looks like it may be preparing for another leg up.
Last night, the market received a pretty thorough beatdown. The only coin that I sold during this was SALT, as I did not like the way that it was going against what I thought would happen and thought it would be best to secure my profits and move on to the next coin. I am still holding ETH, OMG, NEO, ETC, CAPP, ICX, SUB, and a few other small coins.
On the market dip, I added ZCL (upcoming Bitcoin Private Fork), and GUP (Coin I exited earlier the other day but it has catalysts).
The reason for the dip seemed to be that South Korea was contemplating a cryptocurrency ban. This is nothing new. This type of FUD (Fear, Uncertainty, Doubt) comes up every couple months and the market always bounces back. I will be watching Bitcoin closely because it’s an indicator for the rest of the market so if things look bad there I may decide to move some funds to USD to hedge against the market dip and look to buy some stuff while it’s low. The BTC bounce from the dip has been rather weak, so it may continue down. The Altcoins, however, have been bouncing back pretty well overall.
I will update with a chart on my entries later today. Thank you for reading!
I have exited my position on SALT. I recorded a decent profit, but wasn’t seeing a bounce that I liked following the other day’s spike. I may look to reenter this coin, because I think the platform has a lot of potential, but having it break out of a falling wedge/channel downwards was too bearish for me to continue holding. I’ll be watching closely, but for now I’m out.
The 4 hour chart actually looks decent, but so far charting this coin hasn’t been going that well for me. The 4 hour RSI is on the way up and we did bounce off an established support during the market dump last night. I’d say things look overall okay for SALT, but I like to go for trades that I’m more confident in. I was able to nab a 15% profit on this coin by averaging down my entry and selling my high entries on the spike the other day.