New smoke market analysis at smoke.io - 4/11/2019
29% move down, mostly rejected for now
Last analysis I called for an additional 65% move down for Smoke. We've seen a 29% move down that was rejected. We haven't seen much volume or activity down here, so I am thinking we have not found the bottom yet and my 65% move down will still play out.
Descending Channel
Smoke has been trading in a descending channel. This channel leads to a low of around .1 Bts/Smoke a week from now. We could see a move up to the top of the channel around .3 bts/smoke before a move down.
Order books
The order books confirm a potential move to .3 bts/smoke as they are very thin up until that point. We also have very thin order books going to the downside until .1 Bts. There we see a 50k buy wall. It will take the bears a lot of determination to break that wall down for such a low price if they really want to drive things down, but I suspect we should find a bottom there, or above there, at least for a while.
