NEBL Pushes on - Approaching Resistance but RSI Showing Support.
Good day chaps!
Looking back at my previous analysis, we can see the breakout of the main downtrend (indicated by the dotted white line) has successfully maintained a steady and healthy momentum in the right direction... for me anyway :)
Whilst the candles tighten up to form what looks like a bullish pennant, I can't help but notice the beginning of a cup and handle formation. Now assuming that the target will be of equal distance between the bottom of the cup and the handle, it could lead to an upwards target around the previous resistance of 0.0015433.
This leads us to that great big red girder hanging ominously above. Smashing through this will be the true test of any 'back in business bull market momentum'.
From a fundamental point of view, we are seeing a lot of pent-up buy demand for Alts right now. With the recent spike of BTC, most of us are saying "just give me an excuse to buy!" and although the NEBLIO team and project seem very strong and are conveying great results, NBEL is no different to any other Alt at this time and should be traded with caution.
I myself will be waiting for a confirmation ABOVE the descending top line (and checking the RSI for support) before making any decisions to buy more.
Keep your eyes peeled!
---
Getting my feet wet with TA, so I'm open to criticism and willing to listen to any advice from the more seasoned out there.
In the words of Carter Thomas "None of this is professional advice, just a random dude on the internet giving his opinion" :D
Looking back at my previous analysis, we can see the breakout of the main downtrend (indicated by the dotted white line) has successfully maintained a steady and healthy momentum in the right direction... for me anyway :)
Whilst the candles tighten up to form what looks like a bullish pennant, I can't help but notice the beginning of a cup and handle formation. Now assuming that the target will be of equal distance between the bottom of the cup and the handle, it could lead to an upwards target around the previous resistance of 0.0015433.
This leads us to that great big red girder hanging ominously above. Smashing through this will be the true test of any 'back in business bull market momentum'.
From a fundamental point of view, we are seeing a lot of pent-up buy demand for Alts right now. With the recent spike of BTC, most of us are saying "just give me an excuse to buy!" and although the NEBLIO team and project seem very strong and are conveying great results, NBEL is no different to any other Alt at this time and should be traded with caution.
I myself will be waiting for a confirmation ABOVE the descending top line (and checking the RSI for support) before making any decisions to buy more.
Keep your eyes peeled!
---
Getting my feet wet with TA, so I'm open to criticism and willing to listen to any advice from the more seasoned out there.
In the words of Carter Thomas "None of this is professional advice, just a random dude on the internet giving his opinion" :D
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