BAND ( BANDBTC ) has a young chart… While charting we use past history (chart data) in order to determine the different support and resistance levels, as well as to corroborate the different signals we get from the indicators and charts.
We also use past history to study the behavior of an asset over time and compared to other assets in the market.
So a young chart is a huge disadvantage as there is no past history so we can only focus on what happens next…
BANDBTC is now trading above EMA10, we consider this to be bullish. But if it moves lower we become bearish … Each candlestick on this chart goes for 1 hour… The charts are always changing.
Above the magenta line, which is the last peak and resistance, BANDBTC can move higher. Below it, it can do sideways consolidation.
The blue dashed line is the support if this one breaks then BANDBTC moves lower and tests EMA50 (0.00006818), if EMA50 breaks it will go lower to test the big dashed blue line. Below this level, it would go for the next support.
Each support/resistance level offers the opportunity for a bounce.
Two potential scenarios are drawn on the chart with green and red arrows.
The numbers on the chart are the Fib. proportions from low to the last peak. Below the current price, these numbers can work as support levels, above the current price, we call them resistance levels or targets.
About BAND Protocol
Band is a protocol for decentralized data governance. Band provides an open-source standard and framework for the decentralized management of data in the Web3 technology stack. Band Protocol solves the issues plaguing current data infrastructures and decentralized technologies as a whole. It is estimated that over 1.2 million terabytes of data are stored on the web and currently much of this is unstructured or unreliable. Through a standard framework, Band creates a community-driven data curation ecosystem that is secure, reliable and accessible. Band provides a socially scalable method for widespread adoption and integration of trusted data that all applications can utilize.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.