Today, I found myself juggling on another new altcoin, Blackcoin which worth analyzing. As usual, my main area on looking at the price movement in technical analysis term. Please check end of the post for more detail on Blackcoin (#BLK).
warning：It’s rather risky to trade crypto-currencies. Please invest by what you are able to afford.
BlackCoin is fairly new to me, therefore I am largely on observing mode but will commit on limited position on real trading. I will again attach some screenshots on some important data on the time of my trades (not live data on this page, just for my future references, researches and reviews).
Blackcoin has a total market cap at 2,617.71BTC or $2,790,478.86 as at 05 February 2017. Blackcoin can be trade on few big BTC exchanges in the ticker symbol of BLK. Blackcoin price is mainly traded against Bitcoin price with the pairing symbol of BLK/BTC. Another option is to trade against Chinese Yuan with the common code BLK/CNY with Jubi, BTC exchange in China (in Chinese language).
Blackcoin(#BLK) Market Overview
Blackcoin (BLK) paired with Chinese Renminbi (BLK/CNY) is still dominating the market share of BLK trading. However, BTC denominated market is growing for the past weeks amid growing buying interest rises outside China.
The bar graph shows stark increased of volume in BLK/BTC market.
Blackcoin (BLK/BTC) Technical Outlook 05 February 2017
The BLK/BTC is still in the long term downward channel. The price broke away from the pattern briefly on 27 and 28 Janaury before rejected from the year high price of 0.00004456. At 0.00004456BTC, this would represent a 100% increased from the year low price of 0.00002226 last transacted at January 04 2017. BLK pulled back into below Leading Span B line and now heading back to the northward direction settled at last price at 0.00003422. The BLK/BTC price gain 6% on yesterday trading. The last price is currently advanced above Leading Span B line at the price zone of 0.00003287 which reflecting a possible continuation upward trending. The next price hurdles could be found at 0.0000377 and 0.00004122 resistance levels. BLK/BTC bull will have to sustain on top side of 0.00004122 for another round of price pump.
However, the important Conversion Line or Tenkan-sen had fallen below Base Line or Kijun-sen indicates an invalidate leaning. The price charge towards or passed Leading Span A would have to breach support band of 0.00002950 to confirm a bearish momentum. Nonetheless, the next support line of 0.00002474 would form a double bottom. This will verify the range bound pattern. But the ADX is endorsing a strong trending market. Please check below for the important price zones.
Overall, due to the recent refresh BTC and BLK/BTC activities, I would suspect BLK is poised for more exciting trading in the coming days. Is the altcoin pumper returning to Blackcoin? There are signs pointing to more busy BLK/BTC trading soon. The price is restless to breakout away from the current channel.
Notable BLK/BTC price levels to watch,
Year High – 0.00004456 January 28 2017
Year Low – 0.00002226 January 04 2017
Notable BLK/CNY price levels to watch,
Year High – 0.253 January 27 2017
Year Low – 0.177 January 12 2017
Blackcoin (BLK/CNY) Market At A Glance (data source:jubi and btc38)
BLK is trading higher in SNY market reflecting more robust outlook
Some Critical Price Levels for the Immediate Term
Important Resistance Levels
0.00004456 (Year High at January 28 2017)
Vital Support Levels
0.00002226 (Year Low – January 04 2017)
Trading Idea : I am bull bias in the short term. The high ADX is showing a strong trend. If you are more conservative type of trader, you can wait until Tenkan-sen flow pass the Kijun-sen on the upside before enter long position.
But remember set take profit and cut lose ratio to 1:3.
Trading Idea : Buy when the price dive to the 0.00002474(double bottom setup)
But remember set take profit and cut lose ratio to 1:3.
BLK/BTC Daily Market Orderbook. Data source : Livecoin.
Trade BLK/BTC PLUS many other cryptocoins on Livecoin, BTC exchange.
Blackcoin (BLK) Info
BlackCoin is a peer-to-peer digital currency with a distributed, decentralized public ledger; that unlike ones held at traditional banks, are viewable and easily audited by the people.
The ability to manage transactions and issue additional BlackCoins is all handled by the network of users utilizing BlackCoin. Because the BlackCoin network is run by the people, holders of BlackCoin receive a 1% yearly interest through a process called staking.
BlackCoin’s technology allows people to send and receive fast, easy and secure payments with friends, family, and merchants anywhere in the world. BlackCoin allows you to manage your finances without the need for a central authority or bank.
BlackCoin is open-source too, meaning that the software that makes it function is completely available for public scrutiny — giving you peace of mind. No one owns BlackCoin, it is not a single entity; anyone can be a part of it.
- Algorithm: Scrypt -PoS
- Block time: 64 seconds
- Difficulty retarget: every block
- Min transaction fee: 0.0001 BC
- Block Confirmations: 10, maturity: 500
- Block reward: 10000 BC, no halving
- RPC Port: 15715
- P2P Port: 15714
- Launch Date: February 24, 2014 06:00 UTC
Blackcoin #BLK Links
⇢ Official Blackcoin Website
⇢ Blackcoin Wallets
⇢ Blackcoin Whitepaper
⇢ Blackcoin at Bitcointalk
⇢ Twitter @coinblack
⇢ Reddit r/blackcoin
⇢ Coinblack Facebook
⇢ BlackCoinTV Youtube Channel
⇢ IRC: freenode.net #blackcoin
⇢ Chinese QQ groups: 374929243 and 243092057
Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
BTC Exchanges and Charts With #BLK Trading,
BTC Exchanges and Charts With Altcoin Trading,
These exhanges are part of my main trading platform. And please beware that trading cryptocurrency is very high risk in nature. So, trade only after thorough analaysis.
Chart via tradingview, data source from Poloniex, Livecoin, BTC38 and Jubi.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.