- Expect high volatility and volume
- Expect a significant selloff if the announcement is not &ldquo,largest cryptocurrency collaboration to succesnummer the market",
- Price has recently cracked the Bollinger Bands 13 and is considered overbought
- Price is above the SMA 20
There has bot a good overeenkomst of excitement regarding the upcoming Edge announcement, which is scheduled for 10AM EST today. Since the announcement of the partnership ter mid-March the price has risen 300% which is particularly extraordinario considering the relatively poor spectacle across crypto markets te the same time period.
The display of Edge and the announcements from the team are causing excitement, scepticism and a little confusion. Most are interested te how this announcement will affect the price of Brink (XVG).
The very very first chart has highlighted the key fundamental news that has impacted the price of Edge overheen the past Three months. It is clear to see that the announcements have bot correlated to strong price swings.
The main question is whether the market has any more appetite for an upside budge on what will be the 4th major announcement ter the last Two months. The chances of whales selling into the masses of traders that are expecting good news is high. It is reasonable to expect a acute and extraordinario sell-off, unless the announcement truly is the “largest cryptocurrency collaboration to telefoonklapper the market”.
Buy The Rumour Sell The News
The old adage of buying the rumour and selling the news certainly applies to the cryptocurrency market and may well apply zometeen today.
On a large scale the CBOE and CME bitcoin futures are good examples of this spil they coalesced strikingly well with the peak of bitcoin ter Decemember. On a smaller scale it applies to forking events which can significantly influence the price of relatively obscure coins such spil Zclassic (ZCL) spil investors hope to preferentie free coins. No prizes for guessing when the ZCL airdrop wasgoed announced and when it wasgoed claimed
Looking at the daily chart the volume has enlargened significantly since last night te anticipation of the announcement.
- Price is up 25% ter the past 24 hours and 60% ter the past Two weeks
- On the 3-month chart price has cracked the bounds of the Bollinger Bands 13
- On the 3-month chart considered overbought looking at the RSI 21
- On the 3-month chart price has extended above the SMA 13 suggesting a correction is due
On recuento the risk of disappointing news and poor technicals makes a long position unappealing. Expect high volatility and volume ter the coming 24 hours. CryptoGlobe will voorkant the announcement straks today.