🎲NMR - Accumulation at support, highs from 2017Although I always try to keep my charts clean, sometimes it's just not possible. The current situation on $NMR is an example. It's actually even more complex, because NMR is an old coin, it was first listed in 2017, but you won't find those charts on TradingView.
-- 👇👇 I'm not allowed to post links here, but please read the comments to see the full 2017-2021 view. 👇👇 --
Let's start with dynamic resistance: There are so many wicks it is hard to set just one true resistance trendline, so I drew three. Now:
- if we follow the orange-dotted trendline, the narrative is the price already broke the dynamic resistance
- if we follow the blue-dotted trendline, the narrative is the price is at max squeeze spot and is about to break out
- if we follow the purple-dotted trendline (highest wicks), the narrative is the price is still inside of the formation
You can also treat all three as an area. But the way I approach this, is that no matter which narrative is the "real one". The fact is that the price just recently bounced of horizonal support area(green) and is being supported by dynamic support (orange); it also broke out of local descending channel(blue, you can see it on lower timeframes) and that's what matters now.
We can soon expect the price to try break above key level & 200EMA, and if that happens we'll see where it may go from there. If current levels fail to hold, the next support area is between 33.86 - 31.84 (blue)
Entry: buy at current price down to horizonal support area (green)
Targets:
41.38
43.57
45.41
49.46
52.89
59.34
67.53
78.40
88.95
97.78
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About NMR:
Numerai is an Ethereum-based platform allowing developers and data scientists to experiment and create machine learning models with improved reliability. The platform’s main goal is to bring decentralization to the data science field and allow developers to compete in creating effective machine learning prediction models.
Founded in late 2015 in San Francisco, Numerai claims to be the first hedge fund to launch a cryptocurrency on the market. Unlike traditional hedge funds, however, Numerai relies on the data and predictions produced by tournament participants to participate in the stock market. They claim to be the first hedge fund to use machine learning so heavily in its investment strategy.
Source: coinmarketcap
