NXT further updates
Something slightly odd happened with the chart scale on my previous analysis so I'm reposting this with an update from the last couple of hours.
NXT broke its short term upper trend line and raced off towards the longer term fib just exceeding 38% and touching the Ichimoku cloud .
At this point it has performed a double top and has retraced bouncing off the short term fib 38% mark, at 3200. The bounce has taken it past the 23% fib and it is currently falling back down.
We may be currently entering a bull pennant formation before looking for higher highs - hitting the long term 61.8% fib at 5540 is not unreasonable given the three previous highs in the last 6 months have exceeded this point.
When it bounces at the bottom of the pennant is a good buy point, set your stop loss in case it breaks downward. There is support at 2200 or on the trendline at 1900, while new support may be forming at 3200.
NXT broke its short term upper trend line and raced off towards the longer term fib just exceeding 38% and touching the Ichimoku cloud .
At this point it has performed a double top and has retraced bouncing off the short term fib 38% mark, at 3200. The bounce has taken it past the 23% fib and it is currently falling back down.
We may be currently entering a bull pennant formation before looking for higher highs - hitting the long term 61.8% fib at 5540 is not unreasonable given the three previous highs in the last 6 months have exceeded this point.
When it bounces at the bottom of the pennant is a good buy point, set your stop loss in case it breaks downward. There is support at 2200 or on the trendline at 1900, while new support may be forming at 3200.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Come say hi @elisa_crypto on twitter!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.