Namecoin fell from a high of 2.500 till 2.33 this morning, although we've seen a significant retrace in recent hours.
I’ve performed the Fibonacci study from the year low at 1.34 until the month high at 3.35.
Remember in my previous couple of Namecoin analyses, I mentioned "the bears will very likely push price down again – my guess is to at least the 50% at 2.345, possibly this week", before hoping that 50% may hold, which it did - as can be seen by way of today's NMC/USD Daily chart below (click to expand):
Now, price has tested 50% (at 2.34) on three separate occasions over the past week (circled in blue), thus proving we have a decent support being established here. I did talk about a possible break, asking, "The key question now is, will 50% hold? Possibly, but even if it doesn’t, I can still see 61.8% providing enough support for this week." Well, given the number of times price has now tested 50%, and has been ultimately rejected every time, it seems unlikely that we're going to see bears garner enough strength to push further down below 50% this week.
Right now, we're seeing price hovering around 2.435, and that's due to another Fibonacci retracement level, this time on the hourly timeframe. Take a look at the H1 chart below (click to expand):
I've marked in red the key Fib resistance line here, 61.8% at 2.435, it's giving the recent bulls a real tough time, reflected by the couple of extreme spinning tops, possessing long upper and lower wicks - this tells me the bulls could be exhausted, and we'll probably see price fall within the next few hours, perhaps back down to the swing low here at 2.33, which is of course, the 50% level in our first chart on the Daily timeframe.
Namecoin fell from a high of 2.500 till 2.33 this morning, although we've seen a significant retrace in recent hours.
I’ve performed the Fibonacci study from the year low at 1.34 until the month high at 3.35.
Remember in my previous couple of Namecoin analyses, I mentioned "the bears will very likely push price down again – my guess is to at least the 50% at 2.345, possibly this week", before hoping that 50% may hold, which it did - as can be seen by way of today's NMC/USD Daily chart below (click to expand):
Now, price has tested 50% (at 2.34) on three separate occasions over the past week (circled in blue), thus proving we have a decent support being established here. I did talk about a possible break, asking, "The key question now is, will 50% hold? Possibly, but even if it doesn’t, I can still see 61.8% providing enough support for this week." Well, given the number of times price has now tested 50%, and has been ultimately rejected every time, it seems unlikely that we're going to see bears garner enough strength to push further down below 50% this week.
Right now, we're seeing price hovering around 2.435, and that's due to another Fibonacci retracement level, this time on the hourly timeframe. Take a look at the H1 chart below (click to expand):
I've marked in red the key Fib resistance line here, 61.8% at 2.435, it's giving the recent bulls a real tough time, reflected by the couple of extreme spinning tops, possessing long upper and lower wicks - this tells me the bulls could be exhausted, and we'll probably see price fall within the next few hours, perhaps back down to the swing low here at 2.33, which is of course, the 50% level in our first chart on the Daily timeframe.
Strike's Expansion into Europe Accelerates Bitcoin Adoption
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
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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.
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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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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?
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20-22 MAY 2024
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#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.
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#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.
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