smyelar84

NEBL - first TA attempt

BINANCE:NEBLBTC   Neblio / Bitcoin
Hi. Here is my first attempt at technical analysis . I've chosen NEBL as it was one of the first coins that I saw explode during the start of the year as I was just finding my feet in crypto.

As we can see, it's been having a pretty rough time of it lately (as has the entire market) since its highs on the 9th             of January. We had an attempted rally on the 16th, but hit the top of the resistance and has been slowly descending since. More recently, looking at the MACD , we can see the formation of two higher lows, as indicated by the blue dashed line. This is an indicator of bullish behaviour beginning to emerge, but the main resistance against any rise has been the 50 EMA so far. We've also recently (5th) had a crossover of the 50 and 200 EMA lines, which is generally bad news, but they seem to be converging again, so potentially signalling another bullish crossover. And the downward wedge seems to be reaching an end point, hopefully suggesting an imminent breakout.

The RSI also is also hovering around the 50% mark, so could turn either way.

For myself, I would like to see both the downward wedge resistance, and both the 50 and 200 EMA's to be crossed before considering a trade. Also, the volume has been extremely low - this would also need to pick up. This is a coin that responds very favourably to development news, so I would suggest keeping an eye out on Twitter as a breakout could be kick-started by some good news.

This all depends on Bitcoin             remaining stable as well, which it currently seems to be doing.

Thanks for taking the time to read my thoughts. This is not investment advice.

Smyelar
Kommentar: We've broken the falling wedge resistance, the 50 and 200 EMA. In the past four hours, we also seemed to bounce off the 200. Looking good for a further rise at the moment.

Important to keep an eye on Bitcoin as it approaches $10k though. It needs to contend with the top of it's rising channel, plus the 200 EMA and the psychological 10k barrier at roughly the same point.
NICE TA. Looking good. Im pretty bullish about NEBL too and can tell that there are news in the pipleline which are most like to be released when the market is stable.
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