CounterParty (XCP/BTC)Technical Outlook
Long Term View
CounterParty (XCP/BTC) Weekly Chart. Data source:Poloniex.
On the weekly chart, CounterParty (XCP/BTC) is surging from the perseverated the lowest levels that since November 2016. The price had gained by 150% for the year. Currently on track for another rally.
CounterParty (XCP/BTC) recovery was checked on the rejection at 0.00485420, year peak at January 29. But the dump was absorbed with buying interest, suspicious accumulation prelude another rally. All based on speculative assumption here.
Important CounterParty (XCP/BTC) price levels to watch,
Two Year High – 0.01150013 (September 21 2017)
Year High – 0.00485420 (January 29 2017)
Year Low – 0.00160100 (January 02 2017)
CounterParty (XCP/BTC) traded at last price of 0.00343405, +4.5% from yesterday. XCP price against Bitcoin is hovering and keeping tap on the roof of the ascending pennant pattern. A step up from the resistance zone of 0.00349430 to 0.00394080 would indicate XCP bull is ready to roar again. Based on longer view, the price is targeting 0.00569140 level on expanded pump. However, on the downside risk to retest the year low at 0.00160100 is possible if the crucial support region of 0.00278790 and 0.00223590 is breached (brakeaway from the ascending pennant channel) for near term.
Some Critical Price Levels
Crucial Resistance Levels
R1 – 0.00394080
R2 – 0.00442810
R3 – 0.00485420 (Year High – January 29 2017)
Crucial Support Levels
S1 – 0.00278790
S2 – 0.00223590
S1 – 0.00160100 (Year Low – January 02 2017)
Another Take Based on Ichimoku Kinko Hyo Analysis
Tenkan-sen(Conversion Line) is still floating above Kijun-sen (Base Line) way ahead the cloud. Higher ADX further confirm the bullish momentum is still in play and soild for short to long term.
For more info on Ichimoku Cloud, please read my overly-simplified post :Simple Guide of Ichimoku Clouds here.
Short Term View
On the hour chart, current XCP price is near to the resistance band of sub-0.00349430. The same levels are previously firm support zone. The price could turn away to downward or sideway along these level before making move up. Otherwise, a bearish move could take the lead and aim for the bottom again.
CounterParty (XCP/BTC) 60-minutes Chart. Data source:Bter.
The price could zigzag towards on the north direction. I am fomo in the long rum for altcoin and CounterParty. Therefore, I am more into long term bet, and skip the short term trade.
I had few people asking about the take profit and cut lose ratio, or the levels to take profit. I think some of you misunderstood it. The ratio or the levels to profit/lose is depends on the timeframe i drawn on the particular analysis post. The longer timeframe of 1 hour or more indicated longer time the trade takes to conclude, vice versa in a shorter time chart of 15/30 minutes could sometimes played out on the same day. I apologize i didn’t clarify in precisely before. Every trader has their own characteristics like their investment and risk appetite. Furthermore, the amount of capital plus other factors could be adhered in each trade. So, it is important to do your own study, research and experience to discover your trading style and complimented with the right technical strategies. Please feels free to comment or email me if you have more questions or suggestions.
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CounterParty #XCP Infomation
Counterparty is a peer-to-peer financial platform and a distributed, open-source Internet protocol built on top of the Bitcoin blockchain and network.
Max Supply : 2,600,000.0
Start Date : 02/01/2014
By encoding data in ordinary Bitcoin transactions, Counterparty extends Bitcoin’s functionality in new and unprecedented ways, opening the door for innovation. The Bitcoin protocol stays exactly the same, while supporting the development and adoption of valuable new features, all secured by the full power of the Bitcoin network.
Besides providing users with the world’s first functioning decentralized exchange, as well as the ability to create virtual assets, issue dividends, create price feeds and bets, Counterparty enables anyone to create smart contracts on the Bitcoin blockchain. Smart contracts are agreements whose terms and conditions are digitized, and do not require arbitration by a third-party to determine their outcome, but instead are executed automatically, with no intermediation. Counterparty’s built-in Turing-complete scripting language allows anyone to create custom smart contracts and execute their code on the Bitcoin blockchain.
Along with the Counterparty protocol, the platform consists of the native XCP token, which is required for performing advanced operations on the Blockchain, and the secure, browser-based Counterwallet that provides a client-side graphical interface and login system.
With Counterparty, users can:
✚ Send assets (also known as tokens, coins, derivatives, or shares depending on the context) from any Bitcoin address to another
✚ Create assets (numeric or alphabetical)
✚ Issue additional units of their own assets (or lock them to prevent this)
✚ Pay distributions on assets using BTC, XCP, or other assets (e.g. dividends)
✚ Trade XCP and assets on Counterparty’s distributed exchange
✚ Broadcast textual and numeric data onto the Bitcoin blockchain
✚ Make bets and derivatives on broadcasted data
✚ Provably distribute ownership of assets through multi-signature support.
✚ Take advantage of turing-complete scripting to craft smart contracts and financial instruments.
CounterParty #XCP Links
✚ CounterParty Official Site
✚ CounterParty on Bitcointalk Forum
✚ CounterParty Talk
✚ CounterParty on Bitcointalk Forum (Chinese)
✚ CounterParty Wikipedia
✚ CounterParty GitHub
✚ CounterParty Block Explorer
✚ CounterParty Block Chain
✚ CounterParty Desktop Wallets
✚ CounterParty Mobile Wallets
✚ CounterParty Token Pockets
✚ CounterParty Facebook
✚ Linkedin CounterParty
✚ Google+ CounterParty/a>