Ncash Using Only Trend Lines No Indicators!
Ncash has been on a clear uptrend since mid March. In this analysis I am only using trend lines to figure out where the price will go. Currently we are being rejected by the trend line we just hit. I've drawn a dotted arrow to indicate that the price could retrace back to the bottom trend line. I don't think it will retrace however because we are forming a bull pennant. Of course we should always be cautious in case of failure. If we do break to the upside then the blue line is my target to sell. You'll notice that I've draw two additional trend lines above the target. Those are there to give an idea where the price can go if the upwards trend is strong.
Now usually when you draw your trend lines you connect the lows with the lows and the highs with the highs. That's exactly what I did but if you look around at those two top trend lines they are not touching any price at all. So how did I get those lines? First I drew my bottom trend line. From there I simply cloned it and connected the other price movement. I didn't have to adjust the lines at all, the price was already parallel with the bottom trend line. You will also notice that the lines are almost exactly evenly spaced. I didn't do that purposely that's just how the trend is. So because we know the lines are parallel as well evenly spaced, we can just evenly space the next lines we draw.
Now usually when you draw your trend lines you connect the lows with the lows and the highs with the highs. That's exactly what I did but if you look around at those two top trend lines they are not touching any price at all. So how did I get those lines? First I drew my bottom trend line. From there I simply cloned it and connected the other price movement. I didn't have to adjust the lines at all, the price was already parallel with the bottom trend line. You will also notice that the lines are almost exactly evenly spaced. I didn't do that purposely that's just how the trend is. So because we know the lines are parallel as well evenly spaced, we can just evenly space the next lines we draw.
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