Hi there,
Looking at the graph for Neblio, we can see a convergence of lines from the ATH (thick black line), and the other peaks beginning to converge into a focal point with the current line of downwards resistance.
We can also see a convergence from the MACD and also from the RSI, seemlingly wanting to meet at roughly the same point.
The fluctuations on the MACD are also decreasing, getting closer and closer to the zero line.
As always, wait for confirmation of the breakout. The indicators simply show that something is going to break, but it's unclear which way it will go, especially with Bitcoin currently in a downward channel.
For myself, initial confirmation would be a confirmed 4 hour break above the 50 and 200 EMA and out of the current downward channel (first dotted line), with high volume, and once my trade is open, I'll be keeping a eye on the other lines above to act as resistance. A sustained breakout above all of the current lines of resistance would be incredibly bullish, and although I can't access them on this graph, it would be wise to look at the Fibonacci values for other reference points past this.
Thanks for reading. Not investment advice!
Smyelar
Looking at the graph for Neblio, we can see a convergence of lines from the ATH (thick black line), and the other peaks beginning to converge into a focal point with the current line of downwards resistance.
We can also see a convergence from the MACD and also from the RSI, seemlingly wanting to meet at roughly the same point.
The fluctuations on the MACD are also decreasing, getting closer and closer to the zero line.
As always, wait for confirmation of the breakout. The indicators simply show that something is going to break, but it's unclear which way it will go, especially with Bitcoin currently in a downward channel.
For myself, initial confirmation would be a confirmed 4 hour break above the 50 and 200 EMA and out of the current downward channel (first dotted line), with high volume, and once my trade is open, I'll be keeping a eye on the other lines above to act as resistance. A sustained breakout above all of the current lines of resistance would be incredibly bullish, and although I can't access them on this graph, it would be wise to look at the Fibonacci values for other reference points past this.
Thanks for reading. Not investment advice!
Smyelar
BTW, taken into account the ATH and the lowest low since then (6th Feb) the Fibonacci retracement levels are 0.00189, 0.00246 and 0.00286 for the 78.6%, 61.8% and 50% marks.
But for the moment, I would suggest not touching this with a barge pole.
Smyelar