Cryptocurrency
by Seth Parker on July 2, 2018

Nuls Analysis – Two broken resistances

NEO from the previous piece was going up 7% and the next instrument is also gaining a lot today. Nuls is the second hero of the day and as for now, we are above 7% higher today. Situation here is very good from the technical point of view and in the next few days we should see a further upswing.

Since the middle of May, this altcoin is under heavy fire as the price created a bearish head and shoulder pattern. In the middle of June, we broke the neckline (black) and went vastly higher. Seems like the drop ended in the end of June, as the Nuls created a double bottom formation (yellow). The buys signal, from this pattern, was created today, as few hours ago, the price broke the neckline of this formation (nave blue). What is more, in the same time, we broke the mid-term down trendline (red), which strengthened the buy signal.

Nuls Chart

As for the target, the price should aim at least the neckline of the H&S formation (black). Chances for that are quite high. The positive sentiment will be denied, when the price will come back below the blue horizontal support.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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