It was just a couple weeks ago when worries arose from Bitcoin under 30k…and I pointed out an interesting prospect amid the noise.
Net Savings Link (NSAV)…set up in the chart below.
And here we go again…
The launch of their new cryptocurrency exchange is on the clock…(literally counting down if you go to their website)…
With cryptocurrencies moving back up and NSAV just a week from launching its cryptocurrency exchange…the stock is flying.
Net Savings Link Inc. (NSAV)
Net Savings Link, Inc. (NSAV) is a cryptocurrency, blockchain and digital asset technology company scheduled to launch its Cryptocurrency Exchange on August 9, 2021.
As noted previously, this will make NSAV only the second U.S. publicly traded Cryptocurrency Exchange, following the Coinbase (COIN) IPO in April.
I first took note back in mid July after the company announced a “reminder” of the launch…which caused the stock to spike.
The stock moved up and then consolidated into a flag pattern (as seen in the chart below).
Now being a short term trader, I was in and out on the flag pattern breakout move, but the stock clearly still had a ways to go…hitting a high of nearly .15 today.
But that doesn’t mean I wasn’t in on this move too…
Being a short term trader doesn’t mean I am automatically one and done with a stock. In fact, once a stock hits my radar, it tends to stay there for a while…
You know the saying an object in motion tends to stay in motion. Well, the same is true with stocks.
So once I find a mover, there’s a chance it will show up on my scanners again.
And that’s what happened with NSAV this past Friday…as it broke above a previous resistance level.
It’s still a week from the launch date… but after consolidating from the flag breakout, the stock’s momentum picked back up with a break above the .07 resistance level from a previous high.
What’s going to happen on the launch is anyone’s guess, but when I see a stock with a fresh catalyst moving on a spike in volume…my eyes light up.
I jumped in towards the end of the day on Friday as NSAV showed continued strength on high volume.
And this morning, I found my exit as the stock moved up from the open.
Could it keep going into the launch next Monday? Certainly.
But again, as a short term trader…that’s not my trade.
My trade was to get in AND out on the momentum breakout of the resistance level from a previous high.
But that doesn’t mean I won’t be keeping my eye on NSAV. I traded the flag breakout and it showed up on my scanners AGAIN last Friday, when I traded the resistance breakout.
It could show up again, time will tell.
With the launch date next Monday, anything could happen over the next few weeks. And if it does give me another setup…I’ll be there.
In the meantime, it’s important to stick to my setups and trading plan. I don’t know what the future holds, but I do know what a tradeable pattern looks like for me.
In fact, you can check out some of my favorite chart patterns to trade with…check out the stair step pattern here…and the consolidation pattern here.
