Hi guys, I know there’s no place to talk about price in the forum but I’ll do it here if you guys don’t mind. In my free time I like to analyze charts. The whole crypto market is giving signs of reversal because of bitcoin’s movements lately. Manipulation is at it’s best right now (when isn’t tho…)
Those are weekly candles and since August 20th they been playing the Doji game. Indecisive moves up or down, down or up? August 27th week was like “we’re going up!”, then indecision…then Sept 10th week was like “nop, we’re going down” and now these past 2 weeks we’ve been like “we don’t know what’s happening” haha.
So price is really at the point where it’s been suppressed and played enough, the range has become tighter and tighter and we’ll see in the upcoming weeks a somewhat drastic move relative to the nearest past price action.
Talking about $Music now.
I like how the price has been somewhat flat in this 65 - 55 sat range. Those yellow dots by the price is the parabolic sar indicator. It gives us an idea of a trend in place. With today’s price action we’re seeing a change in trend so I think we’ll want to test the ichimoku cloud, which is the purple “cloud” acting as a ceiling. When price trades in the cloud, is like trading in trouble territory. But I believe price action is heading towards the cloud to defy it.
In the weekly chart we see a more clear picture.
This year’s bull correction has really suppressed $music’s price affecting miners having to sell at whatever price to cover costs to the point where as you see in the indicator below the chart, these last weeks have been forming a bottom in the indicator with yellow dots. That represents how fast and heavy price fell and how it “feels”. Think of it as a heavy ball falling on an elastic bed and those yellow dots are like the coils of the bed indicating there has to be a bounce. Price is very far from the parabolic sar dots to indicate there’s a longer term trend reversal, so $music price might not move as volatile as other coins, but who knows. One thing for sure is that $music has been through very good and very hard times price wise so the test of time is a very good one if you survive it. Fundamentally, blockchain and cryptocurrencies as a whole are developing greatly, regardless of price. This will benefit the real projects with real uses, such as musicoin.