Good morning ladies and gentlemen... I am looking at alt coins more and more and I am taking a look at NRG/BTC today. I cant really look at the daily chart like I wanted to as it has not been listed on this exchange for that long. Not enough candles to make a solid analysis. Either way I will do my best to give you a coherent and solid analysis to the best of my ability.
First thing I want to bring up is usually when a coin first gets listed onto any big exchange we see a dump happen pretty quickly after the listing. People buy the rumor and sell the news here. So people buy the coin in anticipation of the impending pump and its an all out war to see who can sell their bag first. Playing these exchange pumps can be dangerous so if you plan to do this you need to pay close attention to everything. Otherwise you will be left holding bags.
I see that on this chart we are seeing some solid support at 21000 sats. We have kept our heads above this support and that is nice to see. The longer and more times we test it though the more likely we could fall below this. Above us we see the 4hr 50 MA and the 4hr 200 MA. Every time we climb above the 50 MA we get rejected by the 4hr 200 MA like clock work. So knowing this you may be able to play these patterns with some success.
Of course nothing lasts forever. This listing is so new we dont have too much data to analyze at this point so I am working with what I got. That is all I can do at this point. Perhaps of NRG gets listed onto the likes of Binance or Coinbase we will see some significant gains. Only time will tell if that will occur. Meanwhile if you are trading this coin exercise caution. These low cap alts can seriously move. One well placed buy or sell can throw a wrench into any solid plan. There is just more risk when you mess with low cap coins. Not to say the rewards arent worth it. Just tough to hold onto. Perhaps I will reanalyze this coin at a later date when I have a plethora of information at my disposal. Until then trade with caution folks!!! WTFDIK???
First thing I want to bring up is usually when a coin first gets listed onto any big exchange we see a dump happen pretty quickly after the listing. People buy the rumor and sell the news here. So people buy the coin in anticipation of the impending pump and its an all out war to see who can sell their bag first. Playing these exchange pumps can be dangerous so if you plan to do this you need to pay close attention to everything. Otherwise you will be left holding bags.
I see that on this chart we are seeing some solid support at 21000 sats. We have kept our heads above this support and that is nice to see. The longer and more times we test it though the more likely we could fall below this. Above us we see the 4hr 50 MA and the 4hr 200 MA. Every time we climb above the 50 MA we get rejected by the 4hr 200 MA like clock work. So knowing this you may be able to play these patterns with some success.
Of course nothing lasts forever. This listing is so new we dont have too much data to analyze at this point so I am working with what I got. That is all I can do at this point. Perhaps of NRG gets listed onto the likes of Binance or Coinbase we will see some significant gains. Only time will tell if that will occur. Meanwhile if you are trading this coin exercise caution. These low cap alts can seriously move. One well placed buy or sell can throw a wrench into any solid plan. There is just more risk when you mess with low cap coins. Not to say the rewards arent worth it. Just tough to hold onto. Perhaps I will reanalyze this coin at a later date when I have a plethora of information at my disposal. Until then trade with caution folks!!! WTFDIK???