Namecoin vs Bitcoin has been falling since the middle of the month, with barely a single bull candle since then. Will the trend continue?
Let's take a closer look at the current NMC/BTC Daily chart below (click to expand):
I've performed the Fibonacci study from the low on the 13th of April at 0.00390, until the latest high, three days later on the 16th, at 0.00655, which represented a massive 66% increase in not even half a week.
Since then, the sell off has been as consistent as the upsurge (marked with an orange arrow), if not as powerful, something quite rare, especially in currency markets, since there's usually some forms of retraces to be found, but in this case, specifically on the Daily timeframe, the bears have just been digging continuously, leaving no breathing space for the bulls.
The fact that so many key indicators, such as the Stochastic, the Accelerator and the Awesome Oscillators have all displayed similar consistent bear dynamics, is a testament to the nature of the trend. The Accelerator and the Awesome have been red for a number of days, without interruption, whilst the Stochastic has been heading down in a smooth manner.
Such has been the momentum of the sell off that it's taken the last major Fibonacci retracement level, 78.6% at 0.00447, to put some brakes on NMC/BTC. Price has tested 78.6% twice, once yesterday and once today, marked in blue.
So the key question is, is this southern trend going to continue? For the short term - it's very likely we'll see some bulls attempting to muster some strength. I say this due to what I'm seeing on the H4 timeframe below (click to expand):
We can see how right now, the Stochastics are beginning to creep upwards from an extremely oversold position, with the AC and AO just turning green, but this could be a temporary respite seeing as though the bears have been going strong for a number of days now.
Namecoin vs Bitcoin has been falling since the middle of the month, with barely a single bull candle since then. Will the trend continue?
Let's take a closer look at the current NMC/BTC Daily chart below (click to expand):
I've performed the Fibonacci study from the low on the 13th of April at 0.00390, until the latest high, three days later on the 16th, at 0.00655, which represented a massive 66% increase in not even half a week.
Since then, the sell off has been as consistent as the upsurge (marked with an orange arrow), if not as powerful, something quite rare, especially in currency markets, since there's usually some forms of retraces to be found, but in this case, specifically on the Daily timeframe, the bears have just been digging continuously, leaving no breathing space for the bulls.
The fact that so many key indicators, such as the Stochastic, the Accelerator and the Awesome Oscillators have all displayed similar consistent bear dynamics, is a testament to the nature of the trend. The Accelerator and the Awesome have been red for a number of days, without interruption, whilst the Stochastic has been heading down in a smooth manner.
Such has been the momentum of the sell off that it's taken the last major Fibonacci retracement level, 78.6% at 0.00447, to put some brakes on NMC/BTC. Price has tested 78.6% twice, once yesterday and once today, marked in blue.
So the key question is, is this southern trend going to continue? For the short term - it's very likely we'll see some bulls attempting to muster some strength. I say this due to what I'm seeing on the H4 timeframe below (click to expand):
We can see how right now, the Stochastics are beginning to creep upwards from an extremely oversold position, with the AC and AO just turning green, but this could be a temporary respite seeing as though the bears have been going strong for a number of days now.
Breaking: Binance's Changpeng Zhao Handed Four Months in Prison
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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