Celsius Network Price Update & Strategy – REKT BY ALTCOINS #0018

Celsius Network Price Update & Strategy – REKT BY ALTCOINS #0018

By CRYPTOXICATE | Cryptoxicate | 6 Jul 2020


 

i Made my first post about Celsius Network on May 5,2020 , I remember back then all I wanted was to accumulate a certain amount of crypto assets, exactly about $2k to then get a loan based on that collateral so I can trade or invest on other altcoin that way get more for my crypto, more profits.

For me things have change lately and not because I have lost faith on the project but I have understood that this is just another crypto phase, same as buy and hold, staking, master nodes, leverage trading, all this are crypto phases that with time some still exist and other just faint, DEFI is whats up at the moment in crypto and same as it has happen in the past it will faint, in my opinion is starting to with the many bugs, exploits and hacks that had happen this year there for we will start see prices going back down to earth, this is the reason why I sold my Celsius Network Tokens on July 30 at 0.00004988, sold my entire position and now Im looking to reenter, I did this not because I think that the token is overvalue but just because the graph was just too parabolic for my taste.

hOw I identify that it was potentially time to sell?

  • Extreme parabolic move
  • Extreme wicks to the upside and downside, meaning traders starting to abandon positions
  • RSI and MACD extremely high, overbought territory
  • DEFI tokens overall starting to drop either after hacks or exchange listing

Pasted-into-Celsius-Network-Price-Update-Strategy.png

oN above chart, daily chart we can see how the both RSI and MACD were very high at that point, price still went up 13.25% after my exit, at the moment Im just patiently waiting for my next move on this project, could be within one or two months all depends if the price is right, at the moment Im holding this profits on USDT since I think there is a possibility BTC could drop.

I think Celsius Network marketing strategy is aggressive but very smart, they not only have Alex Mashinsky as CEO who is a very well known personality in the tech industry but the guy has turn out very charismatic and performs well in front of a camera, they do AMA almost every week on Thursday keeping their YouTube channel and other social media networks very active, crypto projects that do this are very rare but I guess this project has a key factors for me

  1. Public faces, no anonymity
  2. A little centralize, this doesn’t hurt
  3. Insurance in case something happen to funds, this still needs to be put to the test because on paper sounds nice
  4. Very professional, so far, I have seen a few tweets I didn’t like that make the project look thirsty

This project actually looks like a real company not like most other crypto projects that look like a group of teenagers working on their final project for high school at the basement.

The question I ask myself is when should I reenter?

As we some indicators on the above charts, this asset needs to calm down and look for new areas of support, in my opinion this push to 0.000056 sats started on may 13, under this situations the tool of my preference is the fib retrace graph

Pasted-into-Celsius-Network-Price-Update-Strategy-1.png

If we take in consideration that it will take the asset some time to cool down and the recent situation with the ETH DEFI space and the entire crypto market on thin ice at the moment, its my opinion that $CEL can retrace all the way back down to 0.618 range, with its first tentative support area of 0.000028 sats, how long this will take? I dont know. The only way it doesn’t hit those targets is if the altcoin market goes into a run to new yearly highs and finding support at levels of 0.00004 sats, very irrational support area IMO but sometimes it happens when traders start pooring money into the market like there is no tomorrow, if it does then that still gives me around a 20% hedge getting more tokens that I had before and keep riding the wave, but this scenario is the less possible IMO.

The fundamentals for the project have not change at all, no hacks, no scams, nothing fishy, as a matter of fact they recently achieve another milestone in regards the amount of funds they are trying to achieve to keep pushing this project, also they are soon bring this business model to other traditional assets were users will be able to participate through BnkToTheFuture, everything what Celsius Network has done and achive IMO is awesome and looks great, the reason why the price of the token has fall this much from 20% to 25% at the most is just traders not because the project has done anything wrong.

I hope you like this post and helps you in any way, if you have any questions feel free to contact me back a twitter @cryptoxicate or email rom@cryptoxicate.com

Good Luck

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CRYPTOXICATE
CRYPTOXICATE

Cryptoxicate is a Blog dedicated to every level of crypto enthusiast but most focus on new crypto adopters


Cryptoxicate
Cryptoxicate

Cryptoxicate.com is a Blog dedicated to every level of crypto enthusiast but most focus on new crypto adopters

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