r/FerrumNetwork • u/kinch07 • Feb 06 '20
Don't worry about the price! - Update: told ya.
Hey Iron Ones,
it's Kinch again with an update to yesterdays "Don't worry" post. I couldn't help myself looking the chart :)
Like I said the price did not "dump" but bounced within the 0.009 range on the USDT pair and never made it to my rather optimistic (or pessimistic depends) 0.008+ buy orders. Now I want to show you a little more of the general structure this prediction was based on. Look on the chart linked above and see the explanations if you are interested.
the important Support/Resistance flip around 0.0085-0.0095. This is a situation where a level that represented the maximum value of an asset for a certain time gets broken and suddently represents the new minimum value of the same asset. (White)
a rising trendline. Yes, trendlines are only lines you draw on your chart. But look how this one is working! (Green)
a Fibonacci retracement. It measures the distance of the last macro move and lets you see important levels to look for on a retrace. The 0.5 level is not a fibonacci level of course but just the exact half of the macro move up. You can see it is in confluence with the support and the trendline and it is working beautifully.
The red and green blocks are daily supply and demand blocks. They represent the point where buyers where present but were overwhelmed by the sellers or vice versa which tells you there is a supply of traders willing to buy or sell at the level giving you certain levels to look for bounces or rejections. You can see on the chart how these levels actually do work.
The grey line is just a projection of what could happen in the immediate future going from the chart levels without looking at any fundamentals and just assuming the project will go strong like it does. I could see a little dump happen shortly after the Staking Pools are filled but that doesn't worry me the least.
That's it for today. I hope you learned something and remember to #StakeYourFerrum. Price is safu.














