Bitcoin Forum

ByteBall is at an important level for its long time trend where it will be trying 4th times to break it. See the graph and let me know what you think of.

https://cdn-images-1.medium.com/max/800/1*CEwmcn67QuavJKDQbNc3fQ.jpeg

That is very interesting trend line for the daily chart actually. Despite I do not think there is enough strength to break it, that is definitely important level to watch before deciding any action to take. Thanks.

mysacrifice, thank you for the comment. It really seems like price action is at critical line to decide which side of the graph it wants to go.

Seems like still at 4th touch right now and could not break so far. Will watch close for break out for possible trend change.

Interesting graph. I think the price is corrected and this could mean a way up. Just wait a couple of days and see what the trend will be...

I was analyzing 4hr chart and noticed another interesting thing that since 15th of September it tried to break 258 level 4 times and couldn't which is very much aligned with that daily trend. both graph shows that breakout might bring very strong rally with it.

It is looking nice so I hope it would go way up after this but after analyzing 1 day chart it is going up and down and volumes are rising so like others I expect this point to be the most critical time to decide whether it will go up or down but for now probably it will do an upward trend in the next few hours after this hour. Also, it might even get a 5th try to break it's current trend or more while volumes are rising.

this is exactly why i always say Technical Analysis on charts like this is pointless.

these "try to break trends" that you see have a perfectly good reason. they were all on time with the distributions. they all happened around that time. there has always been a buy in from people who were buying GBYTE at the bottom to get the profit of the airdrop and then it always is followed by a dump because people obviously gain free coins and will dump them fast.

if there were no airdrops, the #2 and so on would never exist and #2 would look like a slow rise up and that virtual trend line would have already been broken.

Just relying on technical analysis doesn't work. Same like just following the news and speculations doesn't work alone. You cannot ignore anyone if you don't wanna be beaten by the market. If you combine fundamentals with technical you increase your chance. that goes for anything, any market, any graph including weather. I do it same for forex, stock exchange, options, crypto currency investing, believe me all the same when you got the mechanics.

This analysis only takes into account price.

Momentum is not gaining, sentiment is neutral/bearish, volume is extremely low. We can't forget that there are more GBYTE coming into the market still from airdrops (unless I'm mistaken).

Also, most coins are going down right now. It's much easier to pick a winner out of a group of winners, than to pick a winner out of a group of losers.

Well that trend looks still awful bearish to me. I think this time it could be when it break bears but it won't last long with this past graph behind. I guess price won't increase much in short term.

there are to much dumpers out there to break the trend

It seems to me, most likely Byteball will break the trend and will be a long flat, like many other altcoins now.