Neblio, NEBLBTC is converging into a formation with trend lines start in January. That's nearly a month and a half of price consolidation, meaning that a breakout will be explosive.
We can take a look at the indicators and know that it's an automatic buy.
It also appears to have formed a double three, which is related to the Elliot Wave Theory. Two different waves are connected by WXY and the price action is usually a bit sideways; it ends with a bullish kickoff.
>Month long converging into a double three with indicators looking good. Hard recommend
Stop loss: because we are at the precipice of a breakout, it can breakout downward. Risk it for the biscuit. Set a tight stop loss but don't forget the risk to reward is tiny here.
We can take a look at the indicators and know that it's an automatic buy.
- RSI is upticked and nowhere near overbought levels
- The MACD is just about to cross over, and the angling of the signal line and MACD line shows it has strong momentum.
- OBV is positive: this means there are more of it being bought than sold, which means there's a strong demand for it!
It also appears to have formed a double three, which is related to the Elliot Wave Theory. Two different waves are connected by WXY and the price action is usually a bit sideways; it ends with a bullish kickoff.
>Month long converging into a double three with indicators looking good. Hard recommend
Stop loss: because we are at the precipice of a breakout, it can breakout downward. Risk it for the biscuit. Set a tight stop loss but don't forget the risk to reward is tiny here.
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Update:
Neblio has entered an alternate reality ascending price channel, highlighted in gray. It's still holding at a safe retracement level, so like CincyONU said, NEBL is still a strong coin. Although we are now under the POC, meaning there may be resistance to return to a higher level, it is actually quite surprising to see the value area to be so closely related to NEBL's current value as it has saw an extreme jump in price so recently.
Neblio has entered an alternate reality ascending price channel, highlighted in gray. It's still holding at a safe retracement level, so like CincyONU said, NEBL is still a strong coin. Although we are now under the POC, meaning there may be resistance to return to a higher level, it is actually quite surprising to see the value area to be so closely related to NEBL's current value as it has saw an extreme jump in price so recently.
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Breakout looks weak, but indicators are showing a safe quick buy regardless.
My published indicators: www.tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
At the moment, it looks like BTCUSD is still following its own price action line, but I am still trying to figure out why such a small run up caused alts to bleed so hard.