Hi guys hope you are well and welcome to the new update on Celer network. The CELR token had recently a big event of stacking mainnet launch on 30th of June 2020. The coinmarketcal added the event on 9th of June.
https://coinmarketcal.com/en/coin/celer-network
This event was already added on the road map of CELER network as below:
https://medium.com/@CelerNetwork/celer-network-roadmap-update-43465bfac12f
Movement in up channel and EMAs:
Now if we switch to live daily chart then the price action of CELR token is moving in an up channel. After 2nd June the price action was already moving up after getting bounced from the support of this channel. But after when this event was added on coinmarketcal on 9th June the price action surged high and rallied more than 54% and even moved out of the channel but during the retracement and retesting the resistance as support the price action failed to retain the support and moved back into the channel.
At this time the price action is moving above exponential moving averages 10 and 21 and trying hard to breakout the resistance of this channel. This time the price action has achieved higher than the previous recent high price level. Therefore there can be strong chances of breakout because while attempting to breakout the price action has good supports of EMA 10 and 21 as well.
Catch the wave thru Bill William Alligator indicator:
Here the Bill William’s three lines or alligator indicator can be really very helpful to catch this bullish rally. We can use this indicator with the combination of an up channel. If the smallest time period moving average moves below all the moving averages and the biggest time period moving average moves above all and it gives the sell signals then we can see if the price action has broken down the support of the channel or not. If the support is not broken down then we can ignore the signal otherwise we can sell and use it as our stop loss.
A big bullish Butterfly move:
Now I would like to show you a very important and significant move by the price action of Celer token on the long-term weekly chart. And here the CELER token has formed a big bullish Butterfly pattern. At this time the price action is geared up from the potential reversal zone and moving above this PRZ level. If we take a closer look at the chart then the price action has found last support at $0.00133. Therefore seems to be impossible for the priceline to move down than this level. As per Fibonacci sequence of the Butterfly pattern the buying and sell targets can be as below:
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Potential reversal or buying zone: $0.00206 to $0.00133
Fibonacci projection or sell zone: $0.00715 to $0.01952
Conclusion:
On the long term the price action is in uptrend. However, on the short-term daily chart the price action is at the resistance of the channel. If the price action will be not able to breakout the resistance then we may witness a downward rally up to the support again. This channel support should be used as a stop loss in case of complete breakdown of the support.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.