Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Cryptocurrency Price Speculations => Topic started by: dragononcrypto on March 17, 2019, 04:19:18 PM
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This 30% gain today against BTC is what's known as a "textbook breakout" above the 200 Day MA, as shown by the golden line. ONION/BTC (https://www.kucoin.com/trade/ONION-BTC) is now above all short, mid and long-term moving averages (20,50,100,200). This is typically considered the sign of a healthy market (https://www.coindesk.com/4-crypto-assets-break-above-key-moving-average-leaving-bitcoin-behind), following the likes of Litecoin, Binance Coin, Tron and Maker.
(https://deeponion.org/community/attachments/onion2-png.186921/)
As you can see from the following screenshot, this is the first time ever ONION/BTC has closed above the 200 Day, after coming close twice last month.
This occurred yesterday, hence today's high-volume breakout no doubt.
(https://deeponion.org/community/attachments/onion1-png.186922/)
Is this a good time to buy? As you can see from the screenshot below, the RSI (Relative Strength Index) is registering 75 - the highest it has been since January 9th 2018, over a year ago.
(https://deeponion.org/community/attachments/onion3-png.186923/)
An asset with an RSI over 70 is considered overbought. So in the short-term probably not, in the long-term, it could well be a good buying opportunity. ONION is also above the 200 Day MA against USD (at approximately $0.24), although I don't have any up-to-date (https://info.binance.com/en/currencies/deeponion) screenshots to prove it (stupid Binance).
More info: https://deeponion.org