Ever since last week's drop, Namecoin has managed to settle down for the time being. we spoke about then has held firm indeed.
Let us take a closer look at the latest NMC/USD hourly chart below:
I've performed the Fibonacci study for this chart from the start of the bears on the 2nd of April at 2.376, until the month's low at 1.664.
We can see how, within twenty fours after the drop, price retraced back to the 38.2% Fib level at around 1.935, marked with a red ellipse. What's interesting is that, even though we had a couple of candles close above that level along with the Awesome Oscillator showing momentum, price wasn't able to touch the 50% mark, primarily because the Stochastics by now were approaching oversold territory and the Accelerator Oscillator had turned red for a few candles. When we have a number of technicals conflicting like this, it often transpires that price can begin a period of consolidation for a while, ESPECIALLY if there is a Fib level nearby. In this case, we had the 38.2% level, with price pretty much sticking to it since the 4th.
So we know that for the meantime, the market is gravitating towards 38.2%. Whether price goes above or below, 38.2%, it keeps coming back to it, this is also reflected by the quick succession of multiple Stochastic crossovers in a short space, without them even entering the oversold (20) or overbought (80) zones.
As a result, we now have the Bollinger Bands forming a squeeze with relation to the 38.2% Fib level (marked in white). If this continues for some time, the bands will get narrower, and eventually the middle Bollinger line and the Fib line shall become one and the same, i.e. a complete amalgamation of the two lines.
And of course, following this, we have the anticipation of expansion...
Ever since last week's drop, Namecoin has managed to settle down for the time being. we spoke about then has held firm indeed.
Let us take a closer look at the latest NMC/USD hourly chart below:
I've performed the Fibonacci study for this chart from the start of the bears on the 2nd of April at 2.376, until the month's low at 1.664.
We can see how, within twenty fours after the drop, price retraced back to the 38.2% Fib level at around 1.935, marked with a red ellipse. What's interesting is that, even though we had a couple of candles close above that level along with the Awesome Oscillator showing momentum, price wasn't able to touch the 50% mark, primarily because the Stochastics by now were approaching oversold territory and the Accelerator Oscillator had turned red for a few candles. When we have a number of technicals conflicting like this, it often transpires that price can begin a period of consolidation for a while, ESPECIALLY if there is a Fib level nearby. In this case, we had the 38.2% level, with price pretty much sticking to it since the 4th.
So we know that for the meantime, the market is gravitating towards 38.2%. Whether price goes above or below, 38.2%, it keeps coming back to it, this is also reflected by the quick succession of multiple Stochastic crossovers in a short space, without them even entering the oversold (20) or overbought (80) zones.
As a result, we now have the Bollinger Bands forming a squeeze with relation to the 38.2% Fib level (marked in white). If this continues for some time, the bands will get narrower, and eventually the middle Bollinger line and the Fib line shall become one and the same, i.e. a complete amalgamation of the two lines.
And of course, following this, we have the anticipation of expansion...
Tradu Introduces New Crypto Exchange with Competitive Fees
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.
Don't miss out on this 5-second invite packed with energy and urgency!
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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
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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.
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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