$NU more downside to $.38-.52 before price rebounds
Updated
Updating my thoughts on NU. While I still think we'll eventually get to $3 in price, I think there's further downside to come before we get there. Potentially another drop of around 30-50%.
BTC is continuing to correct which leads me to believe that the alts will get hit hard if BTC starts falling sharply. I think
NU should find support somewhere in the $.40 region. I have bids set at $.42, however I think we might end up finding support in the $.48 range.
I've put the 4 levels of support I can see us stopping at. I don't see price changing bullish until price action moves outside of the bearish channel. Once that happens, I can see us recovering back up to the $2 range on a big BTC bounce.
Will update my analysis to a bullish view after it looks like we've formed a bottoming pattern.
BTC is continuing to correct which leads me to believe that the alts will get hit hard if BTC starts falling sharply. I think
NU should find support somewhere in the $.40 region. I have bids set at $.42, however I think we might end up finding support in the $.48 range.I've put the 4 levels of support I can see us stopping at. I don't see price changing bullish until price action moves outside of the bearish channel. Once that happens, I can see us recovering back up to the $2 range on a big BTC bounce.
Will update my analysis to a bullish view after it looks like we've formed a bottoming pattern.
Note
First target hit but I still think we get to the lower supports. I'm not taking longs until April (however it doesn't mean we can't bounce a little in between).Note
Alright, the long awaited update. The TL:Dr; I took my first long this morning on NU since the October run.This will NOT be a buy and hold scenario, but a trade that I expect to play out over the next 3-4 weeks.
I'm targeting on the low end $.89, mid range $1.37, and the upper target of 1.60. I know that's a wide range, but I'm still unsure how big of a bounce we'll get.
As of now, I'm setting a limit sell at $1.60, but will take profits if I see the chart turn before reaching that target.
Note: After this move, I'm expecting another move lower in April. Hence why this will not be a hold for me.
Good luck.
Note
Note: There is a chance that we see one more retest of the lows at $.40-.42ish early next week. If I get stopped out here, then that's where I'm buying.
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