Hello Lads and Ladies,
As just now requested, we will take a look at NULSBTC a coin that is hyped a lot, actually has some nice potential but just "not yet".
Taking a look at the daily chart we can see a very slow increasing, yet well respected support line. At this line most of the bounces happened. As we can see we had a nice bounce from this line almost a week ago. It went to the most recent resistance line and at least at the daily it is "hugging" it. Moreover, we can see that it has been rejected from the mid Bollinger Bands as well as the downtrend resistance. Therefore, I believe that we will see NULSBTC coming down a little more or even bouncing from the overall support pretty soon.
Looking at the RSI, it is also seeming to retrace and it should find its bottom around 10 Points below.
To confirm these findings we will take a closer look at the 4h chart of NULSBTC ->
Here we can see pretty much the same picture. Nevertheless, taking a closer look we can see a descending double top just above the downtrend resistance, which basically gave the retracement a very clear indication. This double top, when it retraces all the way back, would form a slightly bigger scale double bottom, which would indicate a bounce.
Looking at the RSI we can see almost the same picture of it heading down right now and with it most likely forming a double bottom.
Nevertheless, there is a chance that NULSBTC will not retrace completely to the support line and bounce even earlier. This would also mean on RSI that the mentioned double bottom would be at 31 points and not at 20 points.
Basically, looking at both charts we can clearly see that NULSBTC is retracing right now and will have a bigger bounce after this retracement. One major indicator for this is also the volume, or better said the lack of volume. Whenever NULSBTC will get a lot of volume again, we will see pretty nice pushes. Right now the volume is crashed and is looking for a "revival" ideally at the bottom the of the uptrend support.
This bounce would be able to hit at least the 38.2% and touch the 50% fibs line.
IN NUMBERS
- BUY @32k-30k
- SELL @34.5k - 39k - 42k
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Cheers, Tomas