Technical Analysis - CloakCoin
CLOAK/BTC - 04/10/2020
As shown above, we will be doing technical analysis on CLOAK against Bitcoin.
CLOAK is currently in a very tight and long-lived range where it has been for almost a year already. Inside of this range, either a lot of accumulation or a lot of bot trading is going on due to the very many wicks which are occurring on this pair. Yet, this should not be deterring one from trading this pair since high volatility ensures the possibility to buy low and sell higher again.
Coming from a quite strong 2017-2018 years, it is back in its original range, which brought it to the first significant breakout. Something worth mentioning is the fact that it is not breaking a significant key level, which has been re-tested multiple times before. This is from a technical standpoint a warning sign a significant sign for non-natural market activity. Uniquely connected to the weird price action, which has a tremendous amount of high wicks on almost every single candle.
With this being said, the most accurate and experienced strategy here is to either trade the range or accumulate inside the scope as low as possible with the hope of one day CLOAK breaking out again and running a 10-20x rally. The evident and strong horizontal support makes it easy for Risk Reward Calculations.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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