Hello, good folks of Deep Onion :)
I've been busy in private life and haven't really had much time to follow up my crypto as I would like but as many of you are aware pretty much all altcoins have taken a huge blow for last few weeks that including Deep Onion. Personally, I'm not worried at all and in this crazy world with internet money you need to be cool and just stay on track if you wish to survive :) Anyways I took some time to take a look at Deep Onion chart and this is what I see :) This is daily chart from Coinigy as they have longer tracking on Deep Onion then KuCoin.
As you all are aware we are in a downtrend hence trendline :p and we have 2 support/resistance lines. First support/resistance line is at around 60k satoshi as we first tested that on 31.december, then broke through it on our moon shot on 7.januar, then on our way down we found some support on 29.januar, broke our support and our support became our resistance on 8.february, and since then we have slowly been drifting towards our next support/resistance line that is at around 30k satoshi.
Our 2nd support/resistance line gave us resistance at the beginning of December and was our support in the beginning of January before moon shot.
Now looking at this we may test 30k satoshi support line again and it's putting us into some kind of triangle that we may see some kind of breakout, or at least that's what I'm hoping to see. We are also seeing some oversold indicators on MACD and RSI indicators. Especially RSI as it is getting very very close 30 level.
This is not a financial advisor, and I'm not a financial advisor but I think we will see some sideways movement on BTC soon as it is hitting some major resistance lines and it could have some sideways movement and that could be very good for altcoins including Deep Onion to regain some strength.
Please comment, retweet if you like and upvote on steemit if you like this :)
