Numerai Might Outperform Bitcoin by 55%
Yesterday Numerai has tested the low, hitting 81k satoshis. At the same time it found the support at 327.2% Fibonacci, applied to the corrective wave up after the uptrend trendline breakout.
The support is at 85.6k satoshis, and althogh price spiked lower, closing price stayed above that level, suggesting the potential bottom. Although it might seem very risky to consider bying NMR/BTC, the risk/reward ration is very attractive.
If the 81k satoshis support holds, price is likely to encrease towards the 38.2% Fibs, that is 140k satoshis. this level previously acted as the support as well as resistance, which once again could play the same role. When/if the resistance would be reached, NMR would gain 55% over the bitcoin, while if the 81k satoshis is broken, this would be only a 11% loss.
Break below 81k satoshis, would certainly invalidate bullish outlook and is likely to result in a downtrend continuation.
The support is at 85.6k satoshis, and althogh price spiked lower, closing price stayed above that level, suggesting the potential bottom. Although it might seem very risky to consider bying NMR/BTC, the risk/reward ration is very attractive.
If the 81k satoshis support holds, price is likely to encrease towards the 38.2% Fibs, that is 140k satoshis. this level previously acted as the support as well as resistance, which once again could play the same role. When/if the resistance would be reached, NMR would gain 55% over the bitcoin, while if the 81k satoshis is broken, this would be only a 11% loss.
Break below 81k satoshis, would certainly invalidate bullish outlook and is likely to result in a downtrend continuation.
Trade closed: target reached