Technical Analysis of $NOT
It appears that $NOT has now established an upward trend line with three bounce points. Although it is currently still below its Ichimoku cloud on the 4-hour chart, there seems to be sufficient upward momentum for NotCoin to continue its medium-term growth.
Positive Indicators:
Tenkan and Kijun Cross: On shorter timeframes, the Tenkan has crossed above the Kijun, and prices have also moved above the Tenkan, which is a clear bullish signal.
Upward Trend Line: The upward trend line with three bounce points indicates underlying upward strength.
Resistances and Scenarios:
Potential Resistances: In the short term, there are several potential resistances, such as the 0.618 Fibonacci retracement and the SSB at the top of the Ichimoku cloud.
Ichimoku Cloud Breakout: If the bullish trend continues, prices should soon break through the Ichimoku cloud and pass this SSB resistance.
Range Scenario: A range scenario within the Ichimoku cloud seems more likely given the current market conditions, despite positive macroeconomic news. Investor confidence needs to return for a significant bullish movement.
Recommendation:
Neutral Position: Currently, it is prudent to maintain a neutral position. Although there are positive and encouraging signals, it is advisable to wait for a rebound at the 0.618 Fibonacci retracement level before entering a position.
Monitor RSI: Also waiting for the RSI to drop from its overbought zone could indicate a less risky entry point.
