Golem(GNT/ETH) Update 28/06/2017: Waiting For Ideal Buying Opportunity !!!!!!
Golem has been facing resistance at 196K Satoshi in its recent uptrend. But it still look strong as compare to other cryptocurrencies which has fallen significantly in recent sell off in cryptos arena.
Below is a daily chart of GOLEM and you can notice few things as follows:-
- Red wavy line is 50 days EMA which is at 195k Satoshi level, and you can easliy notice a resistance caused by this moving average.
- Horizontal Green Line which is marked as RESISTANCE 1 and at 189K satoshi level in chart above has been breached three days back and till date Golem prices are trading above that level making a strong case for buying golem.
- 10 DAYS EMA (yellow wavy line) is also at same level of 189K Satoshi as RESISTANCE 1 is another positive metrics for GOLEM prices.
Now a reminder, why it is wise to wait for atleast two close above certain level to initiate new buy order.
First look at chart below
In chart above i have marked two candles with green highlighted rectangle. That movement above certain resistance level then not sustaining there is known as FALSE BREAKOUT. If you rememeber, in my last update on GOLEM, i concluded that one must wait for two close above 196 K Satoshi before initiating fresh buy. You can also cross check that update: https://steemit.com/golem/@jimmyrai28/golem-gnt-eth-update-20-06-2017-faced-resistance-in-its-recent-uptrend. These false breakout are just a way to trap fresh buyers but can be avoided with simple wait 'n' watch policy.
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In conclusion, I am still maintaining that view of buying fresh in this script but with same condition which i mentioned in previous update i.e. to wait for atleast two close above 196K Satoshi.
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if not then criticize, this also will be highly appreciated.
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That counts as an ABC correction, so buyers might jump in soon..
Good analysis. Right now it appears that we're starting to break the downtrend overall that we have experienced over the past two weeks, but we still need a couple days to really make sure that's happening. And if so it should be a solid trading opportunity as we follow the wave upwards. Crossing fingers. Golem, in general was relatively strong to the initial shocks, at least until the past couple days when it did have a solid fall. Long term I'm very bullish on Golem for sure. That and Gridcoin.
Seems you have good sense of cryptos, nice to have you on my blog.
Upvoted you
Thanks for the compliment. I've been enjoying your posts. Keep them up. And here is crossing fingers we see another green candle day. Love to really start pushing back up after the craziness (expected craziness) we've all been seeing over the last 2 weeks.
You are welcome and i m also expecting and waiting golem to form green candle
Golem will gain back that 15-20% it lost in the past few days. The technology is really strong and the ecosystem is generally in love with it. I'm totally bullish on it!
Absolutely agree with you wholeheartedly. Golem has both strong tech and marketing muscle behind it to make it a real winner. Can't wait to see the next update on it.
oh then look to buy it after clearing 196k satoshi level and your token of appreciation is missing.
anyway thanks for stopping by
I'm already quite good with the amount I have in the portfolio. Will not increase the position as I would like to get other tokens that I'm missing :)
Do you think the coins will go some up after this days down trend ?
Some will go up some will consolidate,But i like golem charts that is why i have done it analysis and recommended to look for buy after clearing and sustaining 196k satoshi level
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thanks a lot
all my three previous whales followers are back ........ enjoy :)
thanks :)
You sure do a good job at answering comments...
Nice post by the way...
@pocketechange
Thanks
:)
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