Hey folks hope you are well and welcome to the new update on Celer Network token. In my previous article we have seen that the CELR token had a big event on the 30th of June and that was Staking Mainnet launch. On coinmarketcal this announcement was added on the 9th of June after that the price action surged more than 54% and reached at the resistance of an up-channel that the priceline formed on the daily chart. After hitting the resistance the price action moved down at the support and on 30th of June that was the date of this event the priceline of the Celer network again turned bullish and spiked beyond the resistance. This time the rally was more than 53%.
If we watch the exponential moving averages with the time period of 10 and 21. Then the price action has the immediate support of these EMAs. If you take a look at the previous move of the priceline then after the 54% rally the priceline of Celer token used these two EMAs as support and started the next rally. Therefore we can expect that this time the price action can again use these exponential moving averages as support and it will be helpful for another attempt to break out the resistance of the channel. However, if the price action will not be able to break out the resistance and still moving within the channel then the price will be increased eventually because in fact, this is an up channel.
Correct use of Bill William Indicator to catch the bullish moves within the channel:
Now the question is that where we should sell the CELER token. Here I would like to give you suggestion to use the Bill William Alligator indicator that is also called Bill William’s three lines to take an appropriate exit. And if you are a new buyer and want to buy the CELR during this bull run then you can try to buy it at the support of channel and for appropriate sell point, you can use this indicator. This is a combination of 3 simple moving averages with the time period of 5, 8, and 13. The smallest time period moving average is called lips the bigger one is called teeth in the biggest moving average is called jaw. Whenever the smallest time period moving average moves above other moving averages and the biggest time period moving average moves below all moving averages then it is called an opened mouth of the alligator and it is a buying signal. And when the smallest time period moving average moves below all moving averages and the biggest time period moving average moves above all others then it is called the alligator’s mouth is closed and it is a sell signal. And if we use this indicator with a combination of an up-channel then we can get stronger signals. For example, if we receive the sell signal buy alligator indicator then we should wait for the priceline to break down the support of the channel. If the support will be broken down then we can consider it as our stop loss and we can take the exit from the trade. But if the support will not be broken down then we can wait until the support will be collapsed or the price action moves up.
The big bullish Butterfly pattern:
Now in the end I would like to draw your attention towards a very big bullish Butterfly pattern. That the Celer Network has formed on the weekly chart. The buying and sell targets according to this pattern’s Fibonacci sequence are as below:
Potential reversal or buying zone: $0.00206 to $0.00133
Fibonacci projection or sell zone: $0.00715 to $0.01952
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Conclusion:
As the price action of Celer Network (CELR) token has started a powerful bullish rally from the potential reversal zone of very big bullish Butterfly pattern and formed an up channel, therefore, we can consider that unless the support of the channel will not be broken down Celer Network in bull run. However, the price action is still giving more chances for the new buyers and traders to buy it from the support of the channel, therefore we can use the different techniques indicators for this purpose.
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.
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