Golem (GNT/ETH) Update 20/06/2017: Faced Resistance in its Recent Uptrend!!!!!!!

Golem is a global, open sourced, decentralized supercomputer that anyone can access. It's made up of the combined power of user's machines, from personal laptops to entire datacenters.(source: https://golem.network/) Any one can click this link for further info on Golem.

This currency is very active on cryptocurrency platform and today I am going to analyise it technically with help of chart. I have taken Golem/Ethereum for this analysis, so without wasting much time I want your attention on chart below which is a daily chart of GNT/ETH and in this chart one can eassily notice how Golem falls right after it opened for trading on 18/02/2017 and found base or support finally at 56k Satoshi on 17/03/2017, then it rose to find resistance at Resistance 1 line on chart below, failed two time to breach it then finally in third attempt breach this resistance and this breakout is marked by Blue Arrow on chart.

Next it went up to Resistance 2 level, unable to breach it in multiple attempt, finally went down to test it support which was resistance before marked as resistance1. This breakdown point is marked by RED Down Arrow on chart. After this breakdown, this script found support from LTRT( Yellow Diagonal Line) at 124k Satoshi on 12/06/2017. RSI indicator on bottom of chart also supported this script as it was hitting 30 mark which is consider to be important point in trading.

After hitting that low on 12/06 it is trading positively since then with decent Volumes which is supporting it recent upward momentum, that is why it easily cleared resistance of Short term falling trendline(STFT). Yesterday, It also cleared LTFT(blue diagonal line) with good volumes but faced resistance at 50 Day EMA(skyblue wavy line) marking 198k Satoshi. It closed just there on yesterday, but in today's session this script is falling ever since it opened for trading.

Now I want to take note of one more thing on which is LTFT( Blue Diagonal Line) on chart below . This trendline is signifying continued downtrend in GOLEM and convincingly clearance of this trendline resulted in change of TREND. One or more close above this trendline will strengthen this view more.

In conclusion, I am inclined to give positive feedback to this script but further buying should be executed only after clearance of 50 day Ema or 198k Satoshi level. Those with very short trading point of view can buy at 173k satoshi, stop loss 163k satoshi with a target of 189k and then 198k.

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