BELA long setup + upcoming positive events
Updated
After my last successful venture in low-cap coins (Peercoin, you can see the idea in related ideas) i'm now into a new low-cap coin (~4.5M usd).
This time is BelaCoin.
Belacoin is a project announced in late january 2014. It is a litecoin fork with Scrypt mining algorithm.
But Belacoin tries to do something different to most of other cryptocurrencies, and has built in top of its blockchain 2 mobile app's available in the Google PlayStore.
Belacam and BellaChess.
The first one is a Instagram/Snapchat like app. A pictures social network where you are rewarded with belacoins for your likes
The second one is a Chess game where you can bet belacoins.
You can learn a bit more about them in their official site, here.
This trade is inspired in both "fundamentals" and technicals.
Technically we have:
Here you have the not very perfect three drives pattern in the 4h chart
Fundamentally we have the next events incoming next weeks:
I've bought 8400, i'm planing to buy on the descending triangle breakoug, and have some small orders down to 7000. Stop loss under 6700, and targeting 11.5k (38.2% retracement of downtrend), 13.3k (three drives pattern target) and 15.7k (78.6% retracement of downtrend).
So, summary of this trade:
Entry: ~8500
Targets: 11500 (25%), 13300 (50%) and 15700 (25%)
Stop-loss: 6700
Trade safe and be careful with low volume coins, you could loose a big % of your collateral
This time is BelaCoin.
Belacoin is a project announced in late january 2014. It is a litecoin fork with Scrypt mining algorithm.
But Belacoin tries to do something different to most of other cryptocurrencies, and has built in top of its blockchain 2 mobile app's available in the Google PlayStore.
Belacam and BellaChess.
The first one is a Instagram/Snapchat like app. A pictures social network where you are rewarded with belacoins for your likes
The second one is a Chess game where you can bet belacoins.
You can learn a bit more about them in their official site, here.
This trade is inspired in both "fundamentals" and technicals.
Technically we have:
- Daily bullish divergences in both MACD and RSI
- Price at bottom of a consolidation triangle
- Price bouncing off 2 months trendline
- Three drives pattern in 4h TF targeting 13k
Here you have the not very perfect three drives pattern in the 4h chart
Fundamentally we have the next events incoming next weeks:
- Belacam 2.0
- Addition to the multicryptocurrency wallet Coinimy
- Deploying of Dark Gravity Wave (the dash difficulty adjusting algorithm)
- Addition to a new exchange
I've bought 8400, i'm planing to buy on the descending triangle breakoug, and have some small orders down to 7000. Stop loss under 6700, and targeting 11.5k (38.2% retracement of downtrend), 13.3k (three drives pattern target) and 15.7k (78.6% retracement of downtrend).
So, summary of this trade:
Entry: ~8500
Targets: 11500 (25%), 13300 (50%) and 15700 (25%)
Stop-loss: 6700
Trade safe and be careful with low volume coins, you could loose a big % of your collateral
Note
After a initial breakout bela seems to be cancelling it. As the triangle is almost over i'll wait to see how it resolves.Note
Target 1 reached.Note
Belacoin sold the news of the Dark Gravity Wave, twitter.com/BelaCoin/status/864229615614783488You can read about the reasons and improvements it'll bring in this pdf: belacoin.org/DGW.pdf
There are still news to come so i still think my 2nd and 3rd targets are possible.
Right now we have a bull divergence in the 4h chart and the trendlines are still holding.
Trade closed manually
Closed this trade and converted to usd.We made a small 4% profit against btc and a nicer profit against usd around 40%.
Criptomania could be heading to a bubble burst phase, so i feel more comfortable taking our nice fiat profits.
Note
Note
rebought some bella.
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