Namecoin vs Bitcoin has been meandering between two Fibonacci levels over the past couple of weeks, and the way things are going, this may continue for a few days yet.
Let's take a closer look at the latest NMC/BTC Daily chart below:
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.
Once the Fibs have been applied, it's immediately clear what's been happening; a picture paints a thousands words, I really don't need to delve too much into this, apart from to say, this current traversing of price between the 78.6% and 61.8% Fibonacci retracement levels is likely to continue, as long as we see the Accelerator Oscillator change green by the weekend, which I am optimistically anticipating.
Also, take a look at the Stochastic Oscillator, we can see how it's crossed over two times in a space of a few candles, without even getting close to the 20 (oversold) or 80 (overbought) levels within that time period - another sign of ranging. Perhaps the most telling of all indicators in this case are the Bollinger Bands, specifically their width; the fact that they've become narrower is an assertion of this period of consolidation, as all three bands approach a horizontal trajectory.
Now, we already know that price has tested the 78.6% Fib twice back in late April on consecutive days (27th and 28th), circled in blue, and as we can see on the chart above, price is very close to testing that level once again. Will it perform the same bouncing act as last time once it touches? We have to be careful here since the Parabolic SAR and the Awesome are still giving us bearish signs, and, as mentioned above, I'm waiting for the AC to change before I can place a threshold of confidence in such a bounce.
Namecoin vs Bitcoin has been meandering between two Fibonacci levels over the past couple of weeks, and the way things are going, this may continue for a few days yet.
Let's take a closer look at the latest NMC/BTC Daily chart below:
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.
Once the Fibs have been applied, it's immediately clear what's been happening; a picture paints a thousands words, I really don't need to delve too much into this, apart from to say, this current traversing of price between the 78.6% and 61.8% Fibonacci retracement levels is likely to continue, as long as we see the Accelerator Oscillator change green by the weekend, which I am optimistically anticipating.
Also, take a look at the Stochastic Oscillator, we can see how it's crossed over two times in a space of a few candles, without even getting close to the 20 (oversold) or 80 (overbought) levels within that time period - another sign of ranging. Perhaps the most telling of all indicators in this case are the Bollinger Bands, specifically their width; the fact that they've become narrower is an assertion of this period of consolidation, as all three bands approach a horizontal trajectory.
Now, we already know that price has tested the 78.6% Fib twice back in late April on consecutive days (27th and 28th), circled in blue, and as we can see on the chart above, price is very close to testing that level once again. Will it perform the same bouncing act as last time once it touches? We have to be careful here since the Parabolic SAR and the Awesome are still giving us bearish signs, and, as mentioned above, I'm waiting for the AC to change before I can place a threshold of confidence in such a bounce.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
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
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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
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#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
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#fmas #fmas24 #fmevents #networking #finance #africa
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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.
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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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