Technical Analysis - Stakenet 
 - 12/02/2019

As shown in the chart above, we will be analyzing the technical status of Stakenet against USD.

We will be asking a series of questions to come to a reasonable conclusion:


What is the current market structure?

Currently, on the 1Daily timeframe, we can see a locally a very steep and quick downtrend. This downtrend is leading into the previous area of support, where it has the possibility of showing signs of strength and creating a double bottom. In that case, this would turn into a reversal structure and create a reasonable opportunity.


Is this steep downtrend about to break?

We cannot speak in absolutes, yet we can take a look at how downtrends, which were so steep like this one behaved. Normally, these very steep downtrends are quickly exhausted and break at the next bigger area of support.

We have seen something similar around the beginning of this current year on Stakenet. The steep downtrend approached the area of support in an exhausted manner and created a double bottom.


Are Indicators supporting the idea of a trend-break?

There are two main aspects we will be taking a look at.
- The first one is the Volume, which is over the course of the mentioned downtrend getting lower and lower while experiencing buy-volume spikes. This is usually a clear sign of the trend being exhausted. In this particular case, it simply shows that there is not a significant amount of market participants left, which are interested in selling these levels.
- The second one is the CMF, this is a wonderful tool to spot divergences and we see just that. Currently still at a very early stage, yet evolved enough to be called a bullish divergence.



Overall, XSN/USD definitely looks like something I would like to have on my watchlist. As mentioned above, it is coming down to support and statistically, the chances are high at an area of support after an exhausting downtrend.

This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!



The content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by Upblock or any third party service provider to buy or sell any cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on). Trading and investing in cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrencies, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of offering will not guarantee a return on your investment. Since

Any opinions, news, research, analyses, prices, or additional information contained on this website is provided as general market commentary and does not constitute investment advice. Upblock will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. All opinions expressed on this Site are owned by the respective writer and should never be considered as advice in any form.