In these types of coins, where speculation seems to be a force in driving the price up from a crypto-hype, this coin can gain confidence and going up from here. Just be CAREFUL, because if breaking the support line, it can be history and seen as a pump and dump coin.
The problem with this coin is that it was added 8 days ago and it already has more than 500 million market capital. If you look at the market depht it has strong orders which it's difficult for a new coin to go up since not many big-pocket investors trust about it. It hasn't offered a convincing edge for having such a high amount of Market Capitalization . So it's...
Technically pumped and there are not any fundamental analysis that back up this pump. Also those who bought + Whales who move price are going to be selling any dip.
This also follows the Bubble hype cycle.
- First open source blockchain developed in China
- Crypto Whales wanting this to go down, buy at a cheaper price and buy this potential currency.
- Technically in a support level
- Buy on storm times and sell on golden times: China is currently banning a lot of ICO's making the price of NEO drop. This doesn't necesarily mean that cryptocurrencies are...
Following a short term trade, it looks like this wave can reach to the top resistance line as part of the uptrend. We wiill later have to see if it continues to form a curved correction in the long term or if the bubbles continues
In the long term it might go up, however a minor failed to find a direct up-trend and it will try to make a double bottom.
- Broken support of 3 lows
- Fibo retracement of 61.8%
- Corrective wave formation
I present you 6 stocks with the same pattern action.
Contrary to popular belief, I don't see any preference of expecting stocks to crash. I just see scared investors because prices touched the support levels, so everyone is panicking about it.
This also happened last year on October, many people panicking that it was going...