GULDEN REPORT: 200% up in 4 weeks ! It’s raining green pips!
Analitics by Cedric from Tatch Capital Limited (iSeeCure)
So first of all let’s take a moment to notice that NLG went up 200% in just a month !
That being said, here is my take on prices for now:
NLG seems to have a thing for 2000 sat round numbers so those are important levels.
At this point we have a 2 legged up move in response to a 3 pushes bearish wedge who is itself a pullback from October ’16 **spike**.
Spikes like channels which makes “Spike and Channel pattern”: it’s simple, price makes a **significant** up or down move, followed by some pullback and then turn in a channel in the direction of the spike. This is a GREAT pattern as it **most of the time** indicated further price continuation.
But here is this thing with channels: like bubbles they generally pop from their trend channel lines. Dynamic supports and resistances (in Pink). And it just popped out today.
Since mid-March the channel took some “wedgy” form. Also we are now back with the 2000sat round number ‘problem’ as price is almost at 4000sat.
So after the VERY LONG inside-outside candles pattern (Tight Trading Range: TTR) price is now very volatile.
I have two **most probable** scenarii here:
– **The Red one**:
Price reject both 4000 and the channel top; also if you look on the left you KNOW that early buyers got fuck*d there; just look at the HUGE doji bear candle ! So while I consider 6000sat and 7500sat very probably targets we might have a pullback on our hands as those people are too happy to have their money back and get out. Price would have to step back in order to breach the 4000 barrier.
– **The Green one**:
Price doesn’t even care about those resistances, people are too happy to buy as Prime is going to get out, so they anticipate on it. They trust we’ll see 6000 sat and consider it a safe bet, speculating on momentum. After a breakout of the 4000 (probably going for a ‘measured pink move’) a pullback will be in order (remember about those “White” investors from December ?).
Then price’ll go to 6000 sat as it will act as a strong magnet, creating a ‘vaccum’ effect as everyone (buyers and sellers) will be on the same page.
So that’s it for now.