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- Neucoin price is struggling to trade higher, and there is a bearish trend line formed on the hourly chart (provided by Bittrex), which is acting as a hurdle for buyers.
- There are positive signs noted on the hourly RSI and the hourly MACD, so it would be interesting to see if the price can climb higher.
- There is a major resistance formed near 0.00000850BTC, which acted as a barrier for more gains looking at the 24 hours price chart provided by Coingecko.
Neucoin is trading with a positive tone, but there is a major resistance formed near 0.00000850BTC, which is stalling gains in the price.
Buy with a break?
Neucoin price is following a nice bullish structure and trading higher. However, there is a bearish trend line formed on the hourly chart (provided by Bittrex), which can be seen as a short-term resistance for the price. As long as it the price is below the highlighted trend line and resistance area, there is a chance of a downside move. If we look at the Bollinger Bands on the same chart, then the price is above the middle Bollinger band, and showing a sign of a break. However, the upper Bollinger band along with the trend line resistance is acting as a barrier for more gains.
The price is currently somewhere around the 61.8% Fib retracement level of the last drop from the 0.00000936BTC high to 0.00000699BTC low. It is also coinciding with the same trend line and resistance area. So, a break above it could take the price higher, and may even call for a test of the 88.6% Fib retracement level of the last drop from the 0.00000936BTC high to 0.00000699BTC low. There are a few bullish signs on the hourly chart (provided by Bittrex), including the fact that the MACD is placed comfortably in the bullish slope and signaling more gains.
On the downside, an initial support can be around the middle Bollinger band, and a break below it could take the price towards the lower Bollinger band or near 0.00000680BTC. The stated level holds a lot of importance for both buyers and sellers in the near term, and it must hold it the price has to stay in the bullish sentiment.
If we look at the higher time frame chart, then the 24 hours price chart (provided by Coingecko) suggests that there is a monster resistance formed near 0.00000850BTC. There were a couple of rejections noted already, and sellers managed to prevent a break above it. On the downside, looking at the same chart, there is a support at 0.00000800BTC. The stated level looks like coinciding with the 50% Fib retracement level of the last wave from the 0.00000701BTC low to 0.00000850BTC high.
Overall, it looks like buying with a break above the trend line resistance might be a nice deal moving ahead.
Looking at the indicators:
Hourly MACD – The MACD is in the bullish zone, and calling for more upsides moving ahead.
Hourly RSI – The RSI is just above the 50 level, and may move below it if sellers start to step in.
Intraday Support Level – 0.00000800BTC
Intraday Resistance Level – 0.00000850BTC
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.