I used 8 21 and 55 EMA, Fibonacci Retracement and Trendline to identify market resistance and support points of NEBL/BTC. Neblio has been fluctuating at the 0.786 Fib Level. The market is heading toward a downward trend. This supported by two pieces of major evidence. First, the upper and lower trend-line are determined by the three resistance and support points (red and green circles respectively). Second, the lower trend line has failed to act as a support level in every correction phase (lower three green circles). In addition, the 55 EMA is currently above other moving average lines and there is no real evidence to show a turn over of the order anytime soon. The trade volume does not demonstrate any strong evidence of certain market movements. Personally, I think it is a dangerous time enter any position until market uncertainty has been cleared off by more efficient market information. I would not enter any position for short-term gains on Neblio. However, I have done some fundamental analysis on Neblio. This is a potential coin based on its business strategies, market supply and executive board. For those reasons, I would stack up my portfolio at between 0.001 and 0.0009 for long-term return on investment. Why at these prices? it is because the chance for Neblio to fall to the 1 Fib level is nearly 0. Just like other coins, Neblio is highly speculative and unregulated, big investors will generally benefit from manipulating the market by pushing up the price on potential coins to obtain a short-term profit.
DISCLAIMER: I am not a professional technical analyst. This should not be used as advice but rather a share of knowledge to the community.
DISCLAIMER: I am not a professional technical analyst. This should not be used as advice but rather a share of knowledge to the community.
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