Cloak – Resistance at 0.0004

Heres a quick look at Cloakcoin vs Bitcoin, using mintpal data and 4 hour candles with log price scale

This chart is produced using BitcoinWisdom which allows me to draw a few lines in the sand which you can see here. At the bottom is what looks like a line of support, I have two similar horizontal lines at about 0.0004 which is the horizontal resistance mentioned in the title of this post. Price has reached there about three times so far, I’m expecting it should finally manage to break up above that eventually (unless there happens to be some unforseen setbacks in the development of the Cloak ‘ecosystem’). I didn’t show a long enough timescale on this chart but those lines at 0.0004 previously used to be support. I also have two trendlines sloping down of resistance, one of which has already been broken and another which may come into play later.

It should be fairly self explanitory but looks like price may be wedged below 0.0004 for a little while yet, but supported by the lower trendline. If that lower trendline fails as support I’ll be getting a bit nervous. Until then, happy days.

3 thoughts on “Cloak – Resistance at 0.0004

    1. You’re welcome. I didn’t post about silver but just like gold, smashed aswell. Heres a silver chart.

      Nothing will surprise me in the manipulated central planned economy but my guts tell me they are struggling to keep a lid on silver, fundamentals are so persuasive. Chart doesn’t look great admittedly, price is falling, I don’t see any big falls like couple of years ago though (famous last words). Falling wedge looks bullish. But I’m always bullish silver.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s