TATCH 👻 TRADING ANALYSIS: [NLG] Gulden Price Action Recap’ — 2018 Week 34
POW2
Gulden 2.0 release was the big update that the community was waiting for. All in all it went very smoothly.
2.0.0.11 is quite stable and fixed many (minor) bugs. Many expected a big bump in pricing but yet NLG valuation kept on following a months long script.
Price Action
[NLG/EUR]
Now that volume and market cap are low, levels are also harder to count and price is less reliable.
Still we are now at interesting levels. Here is a chart from July 31st:
At the green arrow, price made a rejection. At the time it made sense to assume it was the end of the first bull level after a 3 levels count down from the all-time high (ATH) and a first pullback.
However after first yellow line price kept on going lower and made new lows way past 8 cents (strong area of interest); then 6,5–5 cents area and now we are below 3 cents !
Afterwards it’s easy to see that the whole pullback was just a stop hunt to induce a new 3rd level down that went past the triple bottom at 6,5 cents.
That 3rd level down (or wave) was made of 3 pushes down (yellow lines). Here is the highlight of above chart to illustrate that point:
Current price should make price go at least above 5 cents. So we now have an easy +66,6% trade on the short term; with an entry at 3 cents. Very promising, if you ask me😈.
Mid-term 20–25 cents seems to be the target and it should happen also in a 3 wave/push/level fashion.
[NLG/BTC]
I heard that NLG might be delisted from Bittrex despite a large number of Guldeners willing to keep it live. I don’t quite see how this is an issue: since NLG/BTC is already on Bitshares DEX thanks to our partnership with Crypto-Bridge…🤫😘 NLG is technically and practically tradable against anything you want.
Back to price, action is always nicer on BTC or at least clearer. So here is a quick summary: we had a ‘significant’ trend line breakout in January (Red TL). From which price made a quick wedge. Before going back to retest the low. At the time we lay out 3 interesting levels: 1111, 1000 and 800sat. They all have been filled.
After the 3rd level was completed we called for some move up through this tweet, and sure enough price made a quick spike. That spike did fill the beginning of the 3rd level channel and then produced a pullback.
This latest pullback is very interesting actually as it went below the beginning spike and pushed even further toward 500sat ! Technically in current context this doesn’t invalide a ‘Spike & Channel’ pattern even if seeing price going below the spike is quite rare.
Funnily enough, the large picture is very similar to the current situation. As a rule of thumb having the same pattern reproduced on different timeframes, (TF) is a good ‘insight’ and often it marks algos getting synchronised. Something we also pointed out on Twitter.
On Telegram we did talk about 800–750sat and 500sat levels as strong areas of interest. Now I would like to add also that to me NLG/BTC, or any altcoin/bitcoin for the matter, seems to act more like a commodity/fiat pricing than a forex pair.
Practically this means that just like orange juice, there is a limit to where price can go down, the more it tends to zero the more interesting it is to buy as orange juice “should” always have value. It going the same way for most altcoin/bitcoin pairs (according to the fact that your favourite alt is not a complete shitcoin).
For Gulden the whole 500–1000sat area has been its pivot zone as you can see if you look back on this:
In a future post I’ll get more in depth with this latest notion and put Pow2 witnessing in the mix to compare NLG to others investment assets.
For the rest, except that price went further than most would have expected (it generally does) nothing special or any changes for targets: 5000–5555sat still remains the main one.
Don’t hesitate to join us on Telegram, upvote, clap, share and ask questions in comment section.
Much love,
Cédric
— — — — — — — — — — — — — — — — — — — — — — — —
Tatch Capital Limited
[TCN]: Tatch Convertible Note (aka TatchCoin)
https://tatchcapital.com/token.html
[EUR/TCN]
https://wallet.tatchcapital.com/market/TATCHCOIN_EUR
All disclaimers and common sense apply.
No advise, just personal commentary.
”Never go full retard”.
