RE: The Altcoins with a Purpose Are Coming!
NAUTBTC Daily Candles (Poloniex):
Price has already reacted to the 61.8% retracement level (above the pointed finger) from the recent major price swing (starting from the bottom of the ascending triangle).
Huge support confluence zone (SCZ) at the yellow box on the chart, that's made up of:
1.) the highs within the ascending triangle
2.) the 50% level retracement of the major price swing
3.) the 27.20% retracement of the latest price leg
This all measures up to making a strong case for buying if prices should reach that price level.
This market starts to look bearish if it trades below that SCZ and/or the bottom of the price channel (black lines filled in with a light orange background, containing most of the prices). Prices are expected to treat the dotted red line (middle of the price channel) as a type of line of symmetry, about which price may cycle up and down through and/or treat as support/ resistance.
I really love this TA, even though I am horrible at doing my own TA and equally horrible at following it. :P
Thanks :)
You can only get better with experience...and patience. I admit, the patience part is a bit of a test...that I've failed a few...erm, hundred times :(
But that's where our resilience comes into play - we get up, dust ourselves off, and get back at it with more determination to succeed than ever before. That's where success happens.
I find that the patterns that can be identified through TA are definitely helpful. Those who write off TA as completely useless are missing the wisdom in the fabric of nature that emerges in everything, especially unfettered markets like cryptocurrencies :)
We share in this sentiment.