I know I've been a vocal critic of byteball recently, most particularly in light of the changes to distribution methods. Which I still disagree with btw.
I strongly feel it was a mistake to end the airdrops.. The distribution needs to end not drag on.
(And the problematic fact that all the witnesses are still centralised). However I stand by this coin despite those misgivings and I still believe the intention is to decentralise it. Also I am a fan the features being implemented.
So with all that off my chest, its an interesting time for Byteball from a Technical Analysis perspective, so I thought I'd share my chart.
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fwww.tradingview.com%2Fx%2FzYQVr1tj%2F&t=665&c=rVu8sco3lBAPSg)
Byteball is bouncing strongly from the bottom of a rising channel but also close to reaching the top of a bearish channel which puts it in a wedge. Which way will it follow? There appears to be a lot of uncertainty.
The steep drop in February corresponds to when airdrops to byteball holders were cancelled (penalising byteball holders), which came at an infuriating time when I expected byteball to break up from that bearish channel.
The prior rise may have been due to decisions to postpone airdrops thereby temporarily reducing the inflation of new coins circulating.
In fact I think its fair to assume a lot of the volatility is caused by decisions made by the dev about the undistributed coins. Again highlighting why the coins need to be distributed ASAP
The general downtrend is explained I think by the simple fact that so many newly distributed coins have been entering circulation, ie there has been extreme high inflation of supply.
I guess it is a balancing act for the dev who perhaps understands that slowing down the supply of new distributed coins helps price to stay more buoyant , but it comes with the cost that it brings a lot of uncertainty and also brings accusations of not being decentralised.
At the moment I am slightly optimistic Byteball can follow that bullish channel and break up from the bearish channel. I thnk the sell off when airdrops were cancelled was not as big as I thought it would be which seems to show a lot of belief in this coin. Lets make good things happen.