NEBLBTC - 2H - On the very precipice of an galactic explosion!

BINANCE:NEBLBTC   Neblio / Bitcoin
Neblio, NEBLBTC is converging into a formation with trend lines start in January. That's nearly a month and a half of price consolidation, meaning that a breakout will be explosive.

We can take a look at the indicators and know that it's an automatic buy.
  • RSI is upticked and nowhere near overbought levels
  • The MACD is just about to cross over, and the angling of the signal line and MACD line shows it has strong momentum.
  • OBV is positive: this means there are more of it being bought than sold, which means there's a strong demand for it!

It also appears to have formed a double three, which is related to the Elliot Wave Theory. Two different waves are connected by WXY and the price action is usually a bit sideways; it ends with a bullish kickoff.

>Month long converging into a double three with indicators looking good. Hard recommend

Stop loss: because we are at the precipice of a breakout, it can breakout downward. Risk it for the biscuit. Set a tight stop loss but don't forget the risk to reward is tiny here.
Comment: Watch to see the recovery process of NEBL as BTC's price continues. Usually when trend line is broken because of BTC's price going up or down, it can be possible for a pop up back to its original pattern. On Binance's website, the 15min interval shows wicks on the bottoms of the candlesticks, indicating buy support and a possible support floor for NEBLBTC.

At the moment, it looks like BTCUSD is still following its own price action line, but I am still trying to figure out why such a small run up caused alts to bleed so hard.

Comment: Update:
Neblio has entered an alternate reality ascending price channel, highlighted in gray. It's still holding at a safe retracement level, so like CincyONU said, NEBL is still a strong coin. Although we are now under the POC, meaning there may be resistance to return to a higher level, it is actually quite surprising to see the value area to be so closely related to NEBL's current value as it has saw an extreme jump in price so recently.

Comment: Breakout looks weak, but indicators are showing a safe quick buy regardless.

Crpyto tips appreciated! You can't lose value on what you don't have ; )
Lightning network:
BTC - 36GUCF9CAzrtgkXs199NELscFcc8bnchE1
XRP - rf5rHXUAgdUh3YbgaqeW8VWfoRwnTXNN48
Orion release, maybe today
I also have been playing this one closely and pretty heavily. Annoyed that the alts are more impacted by this latest run up, but my guess would be that that is because the $12k test for BTC is unbelievably critical to the overall direction is continues. It could breakout above the channel and signal a bull market or bounce back down quite a bit correcting. Maybe that explains it? I mean things are just bleeding out the last hour. Crazy. That being said, I think the overall health of NEBL is great and look to see a bounce here after BTC settles.
Wow, overall very good and well structured analysis. Gotta follow u. Very nice!
NeoButane MoneyRight

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