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Decred (symbol:DCR) is a rare cryptocurrency that with rave reviews from techie community. It was first started early last year. Decred is a cryptocurrency, similar to Bitcoin, with a strong focus on community input, open governance and sustainable funding and development. It utilizes a hybrid “proof-of-work” and “proof-of-stake” mining system to ensure that a small group cannot dominate the flow of transactions or make changes to Decred without the input of the community.

Decred (DCR) - cryptocurrency
Decred (DCR) market cap as at 07 February 2017

The Decred asset is supported with few established BTC exchanges like Bittrex, Bleutrade, C-cex, Poloniex and YoBit. We expect more exchange will list DCR this year with its expanding support and higher prices. Decred is one of the few altcoins that attracted favorable outlook by industry experts out of the so-called shitscoins. It is tipped to become the performer of 2017. It recently broke from the long term downtrend after a sharp pump.

warning:It’s rather risky to trade crypto-currencies. Please invest by what you are able to afford.

Decred (DCR) Technical Overview 07 February 2017

DCR/BTC daily graph
DCR/BTC daily graph showing some of the pump-dump actions dictating its long term slopping pattern. Data source:Poloniex

DCR had been in contant downward channnel with few massive dump along the way in 2016. But it reclaimed to the highest level last seen in 12 months ago. The price was up 685% this year from the base of 0.00044225.

Important Decred (DCR) price levels to watch,
Year High – 0.00339911 February 04 2017
Year Low – 0.00044225 January 03 2017

DCR/BTC graph in 2017
DCR/BTC 4-hour graph showing new found upward trend in 2017. Data source:Poloniex

The DCR price currently is in the midst of second half of the usual pump-dump circle (common cryptocurrency trading manipulation technique). The price was drag down another 15% from 24 hours trading. There are huge possibilities more selling pressure still exist with sizable “pumping inventories”. Therefore, the short term prospect is still uncertain. Please check on the notable resistance and support price bands, derived from the the range bound channel and Fibonacci Retracement level. The price is now direct confronting the multiple bottom and a crucial support level.

DCR/BTC 30-minutes chart
DCR/BTC 30-minutes chart showing the ascending channel, descending wedge patter, resistance and support levels with various important breakaway and pull back points. Data source:Poloniex

Some Critical Price Levels for the Immediate Term Based on Fibonacci Retracement Approach


Crucial Support Levels


R1 : 0.00306024 (0.786 Fibonacci Retracement Level)
R2 : 0.00306024
R3 : 0.00339911 (Year High – February 04 2017)

Crucial Support Levels


S1 :0.002400)
S2 : 0.00210300
S3 : 0.00190332 (0.5 Fibonacci Retracement Level)

DCR price is looking break away from the descending wedge pattern. The selling pressure still looks sturdy as previous pump process will have stocks to dump. Therefore, DCR/BTC will likely move down further if no forthcoming of fresh buying interest.

DCR/BTC 30-minutes chart
DCR/BTC 30-minutes chart. Data source:Poloniex

DCR/BTC 30-minutes chart

Trade DCR/BTC and 500+ cryptocoins oprion at Yobit.

Trading Idea : Short at 0.00227600


But remember set take profit and cut lose ratio to 3:1.

or

Trading Idea : Long at 0.002510 or higher (more conservative filter)


But remember set take profit and cut lose ratio to 3:1.

Trade Decred (DCR/BTC) at these BTC Exchanges


Yobit
C-CEX
Virwox
Bter
Poloniex
Bittrex

More BTC Exchanges


Livecoin
BitMex Futures
CEX.io
Hit BTC
Whale Club
Simple FX

Decred (DCR) Info

Decred is an open, progressive, and self-funding cryptocurrency with a system of community-based governance integrated into its blockchain. At its core is a hybridized proof-of-work proof-of-stake (PoW/PoS) consensus system that aims to strike a balance between PoW miners and PoS voters to create a more robust notion of consensus. The project is a result of the theoretical proposals brought by proof-of-activity (PoA) and MC2 in 2013. Decred development started in April, 2014 with a single developer and expanded to include developers from btcsuite shortly thereafter.

Decred is built in the spirit of open participation and we have provided below a full disclosure of the technical features of the system, wallets and mining, initial funding and distribution, project governance and development, and a group contribution timeline. We hope to launch mainnet on 06:00 PM UTC February 8th, 2016 1, and will provide additional details in this thread. Everyone is welcome to participate, and you are certainly welcome to join the development and project groups if you have interest in contributing to our efforts!

A unit of currency is called a ‘decred’ (DCR).

Decred #DCR Links


Official Decred Website
Forum
Bitcointalk
Blockexplorer
Wiki
Decred Wallets
Decred Nodes
Github
Twitter @decredproject
Reddit r/decred
Slack
freenode IRC

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.

Chart via tradingview, data source from Poloniex, CEX.io and BitMEX.

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.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

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