Big question at the moment - Can it keep climbing? Not much history to rely on and the risk of a correction is present. However, with each day we obtain more information that could hint at what could come. I had been looking at shorter time intervals, but here looking at the 4H Interval and the RSI and MAC D appear to show a general trend up. The recent consolidation of the flag is causing a return to the trend lines on the RSI and MAC D. It appears that this consolidation could a take 12-16 hours before we see the return to the trend lines and then potentially breakout again. In the interim, the .736 fib retracement level has recently been acting as support over the last few hours. This will need to hold up in order to prevent a break down from the flag pattern while consolidation takes place.
The riskier move would get in around the bottom of the flag pattern above the .736 fib retracement level at about 0.0004200, with a stop loss just below it. However,the more risk adverse play would be to wait until the RSI and MACD trend lines are back in play before making any moves and to look for the bounce first.
Target is set out based on the size of the pole between 0.0007000 and 0.0007500.
Anyone agree or disagree? Welcoming criticism here.
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Reversal looking imminent as the H&S shoulders pattern pops off the screen. However, it is possible the RSI trend line provides the much needed support prior to completion of the H&S pattern. We saw a bounce last night off the RSI support line at 50. Will it act as support again? Or will it give way completing a H&S reversal.
The only way to invalidate the H&S pattern is to reach a new ATH. So until that happens, this looks a bit too risky.
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Its close. I am hanging in there, but now relying on a shorter interval for the time being to get a read on whether we are headed back to the neckline. Found some resistance from an recent RSI trend line. It could hold up and push the right shoulder over the head, voiding the pattern and breaking out from the symmetrical triangle at the same time which would be a nice breakout. See target posted.
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Things are getting more interesting. It broke pretty strong resistance at 56000 at the top of the triangle. Then it fell back down and found support on top of the triangle. Resistance often turns into support. Now it is climbing towards the head which happens to be the all time high (the black line). Expect more resistance, but if it pierces that level then it could run to the target breakout seen in the previous update photo at around 75000. Keep watching that short term 30 minute interval RSI for continued support. Its held up twice today.
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Another update. Looking to the RSI to provide the bounce needed to retest the resistance at the ATH. If the RSI trend fails to provide the support, then we likely fall back into the triangle and this brief breakout will be considered a failed breakout attempt. The triangle pattern, its resistances and support, would come back into play.
what is behind this coin?
4X for less than one month?
bonesca
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@vejdanialireza96, It is a blockchain built around a network of trust. It was a "free" ICO, only way to originally get the coin was to receive it via airdrop by owning NEO. It has a strong tie with NEO which is likely the motivation driving the price.
Personally I think its somewhat out shot its worth already. However, if people want it and the signs are there, then why not jump on for the ride. Next big run would be following a breakthrough of the last ATH just below 58000.
vejdanialireza96
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@bonesca87, but rsi shows overbought signal
do u have any new idea about this?
bonesca
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@vejdanialireza96, I assume you are referring to the 4 hour chart. I have posted a snapshot of the updated chart here. It is a good idea to keep a lookout for being overbought, but if you look back to the previous 2 peaks, both were higher than it is right now. You can see a lot of movement upwards in that last 10-15 on the top of the RSI. I have made a pretty nice profit here, so I will probably sell 50% or so if we drop below 70 RSI. However, I don't want to get out completely because if you look at April 26th, the RSI bounced off 60 and followed with a run from 20000 SAT to 40000 SAT. That is quite the gain and shows the movement potential when the RSI is operating above 70.
The play to make is always dependent on your personal style. Taking out a little as it goes up is a safe move and allows you to stay in the game in case it makes another run. Just remember to reset your stop losses as it goes.
vejdanialireza96
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@bonesca87,THANK YOU SO MUCH
DO YOU HAVE ANY TARGET PRICE FOR ITS ATH?
bonesca
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@vejdanialireza96, rather than predict a ATH, I just try to be aware of areas we might see heavy resistance. And when we see resistance, I look back to the RSI on the 4 hour chart and check the trendline. When it breaks the trendline, we will know we have already seen the ATH. Honestly, we might have just saw it today. The RSI on the 4 hour is showing a potential bearish divergence. The price keeps spiking with higher peaks while the RSI has peaks that are getting lower. That is usually not a good sign. If it sets a new ATH in the next 8 hours and the RSI climbs over 82, then this divergence would be nullified. I It could happen, but that is a lot to ask for. However, if we bounce on the RSI trendline, then we could definitely see higher numbers.
vejdanialireza96
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@bonesca87, thank you for your TA
Is there any book or notes that you've written or gathered for educational purpose sir?
4X for less than one month?