NU | BULLISH PLAYS
Easy fellow traders; how's it all going?! Pretty mental day in crypto today, that's for sure!
I just wanted to highlight a couple of bullish setups that may play out for NU.
Firstly, whilst not picture perfect, there is a bullish pennant formation, where the price may breakout to the north.
Secondly, there is a potential Cup & Handle formation, which if validated could see a big push north to the cup rim around $0.62 and further targeted highs of $0.72 thereafter.
RSI looks primed for a strong buying move north and MACD was just about to turn bullish, until today's turbulence! I think it will soon; it just needs a little extra time to flip.
Both of these potential plays are on the 4 hourly charts, which I'm not a huge fan of for Cup & Handle formations, however, they can play out nicely and given the price activity of NU's last move north I am not excluding any possibilities.
Of course much analysis has been disrupted by BTC's huge green candles today, both on it's price and BTC dominance charts. We will see how that plays out over the next 12/24 hours, as many Alts are being rinsed and have turned short-term bearish very quickly, so trade carefully and use good risk management.
I am keeping a close eye on these possible scenario's and will look to enter if there is a confirmed clear break and close to the north of the current resistance trend line on the 4 hourly chart.
Should BTC continue to blow off steam and send Alts and NU's price south and close below support, then these plays are invalidated.
Let me know your thoughts and ideas.
I just wanted to highlight a couple of bullish setups that may play out for NU.
Firstly, whilst not picture perfect, there is a bullish pennant formation, where the price may breakout to the north.
Secondly, there is a potential Cup & Handle formation, which if validated could see a big push north to the cup rim around $0.62 and further targeted highs of $0.72 thereafter.
RSI looks primed for a strong buying move north and MACD was just about to turn bullish, until today's turbulence! I think it will soon; it just needs a little extra time to flip.
Both of these potential plays are on the 4 hourly charts, which I'm not a huge fan of for Cup & Handle formations, however, they can play out nicely and given the price activity of NU's last move north I am not excluding any possibilities.
Of course much analysis has been disrupted by BTC's huge green candles today, both on it's price and BTC dominance charts. We will see how that plays out over the next 12/24 hours, as many Alts are being rinsed and have turned short-term bearish very quickly, so trade carefully and use good risk management.
I am keeping a close eye on these possible scenario's and will look to enter if there is a confirmed clear break and close to the north of the current resistance trend line on the 4 hourly chart.
Should BTC continue to blow off steam and send Alts and NU's price south and close below support, then these plays are invalidated.
Let me know your thoughts and ideas.
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