Namecoin vs Bitcoin has been steadily falling since the turn of the year, but have the bears met their match? Specifically, a key support zone in the form of Fibonacci on a higher timeframe.
Thus, let’s take a closer look at the NMC/BTC on the Weekly timeframe (click below to expand):
I’ve performed the Fibonacci study from the last major swing low on the W1 at 0.00115 to the high of the past year at 0.00153.
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I’ll make this short but sweet, since what’s happened following the application of the Fibs is now clear for everyone to see. Put simply, price has stalled at the 78.6% level, and this zone has been tested before, circled in blue, which means it’s a strong line of support.
However, the bears are still very strong. We also have a multitude of indicators such as Bill Williams’ Oscillators, the Accelerator & Awesome as red for a number of bars, and the Stochastics heading smoothly down for many weeks, although they are now approaching oversold levels.
If we zoom into the lower timeframes however, such as on the H4, we’ll see a lot of conflicts, so right now, it appears there’s going to be some ranging for some time to come.