Daily Technical Analysis Summary for Decred — 4th September 2018
Welcome to the Technical Analysis Summary for Decred — 4th September 2018.
This report investigates 4 popular technical analysis indicators:
- Moving Average Convergence Divergence
- Relative Strength Index
- Aroon Indicator
- On-Balance Volume
The above indicators are used in technical analysis as tools for forecasting the direction of prices through the study of past market data, primarily price and volume.
They are based on the idea that the market for buying and selling digital currencies is not efficient and historic prices can be used to predict future price movements, and using these tools can be advantageous to investors and traders.
Moving Average Convergence Divergence (MACD)
The graph below shows the MACD applied to the price of Decred using daily price data for the last 40 days.
As shown in the chart above, the MACD is currently above the signal line, implying a bullish signal, indicating that it may be an optimal time to buy.
According to the MACD, a bullish signal suggests that the price of the asset is likely to experience upward momentum.
Relative Strength Index (RSI)
The graph below shows the RSI applied to the price of Steem based on daily price data for the last 40 days.
Since the RSI is currently between 30 and 70, this would indicate that Decred is neither overbought or oversold and that no material price change is expected.
Aroon Indicator
The graph below shows the Aroon Indicator using the price of Decred over the last 40 days.
The Aroon indicators move above and below the centerline (50) and are bound between 0 and 100. These three levels can be explained as follows: When the Aroon-Up is above 50 and the Aroon-Down is below 50, the bulls have an edge. This indicates a greater propensity for new x-day highs than lows. The opposite is true for a downtrend. The bears have an edge when Aroon-Up is below 50 and Aroon-Down is above 50.
In the graph below, the Aroon-Up is above 50 and the Aroon-Down is below 50 indicating a bullish signal.
On-Balance Volume (OBV)
The graph below shows the OBV applied to the price of Decred using daily price data for the last 40 days.
Please note that the above indicators can give false trade signals and use of such tools should be treated with caution. Blindly using technical pricing indicators without a general knowledge of fundamentals or an understanding of the currency being analysed is not advisable.
Thank you for reading
Source of data: www.coinmarketcap.com
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All the written analysis show above is false. stop this nonsense, you give false hope to everybody. give us the right data we want to know if we are earning or not. this is not helping.
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For legitimate analysis try to look some other social media or cmc but I think even this is false still decred is doing good yeah it's true that decred is down now but all other coins are dumping. Be patiend I know decred can recover form it.
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Yeah I check market everyday and see most coins dump like for a few days now, Any reason behind it? I still don't get it that much.
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Maybe you need to familiarize yourself with the market and see how unpredictable it is, we can't really spoon feed you all the information that you needed as you can just search the coinmarketcap or other websites that shows graphs on how the market changes overnight. But as you should know, Decred is doing great works with the Politeia update and that can really benefit their value at the market.
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