Hello there! Welcome to my wonderful, joyful and completely extravagant NCASH run-down.
Bare in mind I am going purely off the TA here, probabilities are skewed due to limited data on the chart and the initial sell off occurring on the listing buy in.
From now on I will always mention the fundamentals in the paragraph before indicators.
There are a couple of key supports, with our strongest one being our first turning point. I personally think we will hit this support before a move due to the selling action occurring on the current support and having broken it with wicks. There is a downwards trend line resistance that needs to be broken for any movement to truly occur. Candlestick patterns aren't telling us much, with the current one being a tiny bullish indicator, but the previous ones being small bearish indicators we can't draw a firm conclusion.
2H TF
20EMA~Each time we have crossed the 20EMA we have had a very aggressive response, considering how far away from this I expect us to start moving back towards it, but it adds incentive to bullish movement currently not being on the horizon.
Wave trend oscillator~Having just attained enough data to be able to mark up the wave trend oscillator we were then hit with the re-buy phase which skewed the accuracy considerably, however it did model the move across the wave and it has modelled the sell off correctly comparatively. Given we are beginning to flatten out, I don't expect an immediate turn, and based off this indicator I would say it adds to the sentiment of breaking the current support.
RSI~The RSI has been obeying the resistance I have marked, if we get into the below 30 zone and start seeing a test of this line it could cause a rash movement quite quickly. We are currently leaning towards oversold, but buying incentive probably won't start coming in yet given the amount of time we have been floating in the 30-50 range.
Volume~ The small volume could be an indicator of a consolidation period, less volatility either means the price follows it's given trend without much fluctuation or it moves across the support like it currently has started doing. There would need to be significant buying volume to reverse and break the resistance AND EMA.
Conclusion
Watch as we are moving across the support, as a potential cross of the EMA and resistance could give enough buying volume to turn NOCASH into SOMECASH. It is still in a downtrend, fighting to stay on the current support which indicates to me better buying opportunities will be upon us at the lower supports. Only buy on confirmation, ride the wave.
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Bare in mind I am going purely off the TA here, probabilities are skewed due to limited data on the chart and the initial sell off occurring on the listing buy in.
From now on I will always mention the fundamentals in the paragraph before indicators.
There are a couple of key supports, with our strongest one being our first turning point. I personally think we will hit this support before a move due to the selling action occurring on the current support and having broken it with wicks. There is a downwards trend line resistance that needs to be broken for any movement to truly occur. Candlestick patterns aren't telling us much, with the current one being a tiny bullish indicator, but the previous ones being small bearish indicators we can't draw a firm conclusion.
2H TF
20EMA~Each time we have crossed the 20EMA we have had a very aggressive response, considering how far away from this I expect us to start moving back towards it, but it adds incentive to bullish movement currently not being on the horizon.
Wave trend oscillator~Having just attained enough data to be able to mark up the wave trend oscillator we were then hit with the re-buy phase which skewed the accuracy considerably, however it did model the move across the wave and it has modelled the sell off correctly comparatively. Given we are beginning to flatten out, I don't expect an immediate turn, and based off this indicator I would say it adds to the sentiment of breaking the current support.
RSI~The RSI has been obeying the resistance I have marked, if we get into the below 30 zone and start seeing a test of this line it could cause a rash movement quite quickly. We are currently leaning towards oversold, but buying incentive probably won't start coming in yet given the amount of time we have been floating in the 30-50 range.
Volume~ The small volume could be an indicator of a consolidation period, less volatility either means the price follows it's given trend without much fluctuation or it moves across the support like it currently has started doing. There would need to be significant buying volume to reverse and break the resistance AND EMA.
Conclusion
Watch as we are moving across the support, as a potential cross of the EMA and resistance could give enough buying volume to turn NOCASH into SOMECASH. It is still in a downtrend, fighting to stay on the current support which indicates to me better buying opportunities will be upon us at the lower supports. Only buy on confirmation, ride the wave.
I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander