Let's look at the wicks that NEBLBTC (Neblio) printed in the last two weeks.
After hitting a low 20-Nov., the price for NEBLBTC started to climb higher.
We multiple candles with a long upper wick/shadow.
On the 25-Nov. we get the first one. The price tried to break above EMA21 but was rejected.
On the 28-Nov. we get the same, a rejection at EMA21.
On the 29-Nov. NEBLBTC manages to break above EMA21 and challenge EMA50 just to see a drop the next day.
Then again, prices close above EMA21 on 1-Dec. and a long upper wick shows up 2-Dec. challenging EMA50 just to be rejected.
What does this all mean?
We can see that NEBLBTC continues to be rejected on the way up, but this is a bullish signal.
Prices are still trading above EMA10 and EMA21, which puts the bulls on top, based on our own experience analyzing thousands of charts over the years.
Each time a resistance level is challenged it becomes weaker.
EMA50 is the bold magenta line on this chart currently sitting at 0.00002612. As soon as this level is conquered (prices moving and closing above it), we will see strong growth next.
Conditions for change If the bulls fail to gain enough momentum to break above this resistance and prices close below the green EMA10 line, then the lower support levels can be tested before the next try.
This is all chart reading...
[B]How to trade?
Trading is easier than reading charts, for us...
We have a very simple method which I call "buy and hold".
In this chart setup, one would buy with a tight stop-loss and wait... Set up your sell order on target and let the market decide what happens next.
If the price for NEBLBTC breaks down and goes below support; the trade is lost. But if instead it breaks up and moves ahead... We collect the profits when our targets hit.
You would have very low risk (tight stop-loss) and very high potential rewards (100%+ just by aiming at the MA200 black line).
WOOOW that was high as ffkk. X450% to bad i didnt had some :D
asgardianmichael
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Hi @alanmasters
My entry point is 2200 sats, should I stop loss now? Thx🙏🏿🙏🏿
Sjoerddeborst
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Thank you for chart Master, What do you think about this chart in general sir? No other chart i have seen on binance is like this one, So many wicks that get dumped with massive sells and massive volume. Made lower highs and lower lows for years now