The Rising Channel of the Nigerian Naira NGN $NGNThe Nigerian Naira $NGN has been losing value for months in relation to the USDT.
Current Price: 1130/$
Price Action has created a rising Channel.. Only two things can happen:
Naira NGN price action breaks out of the rising channel to higher prices up to 1700/$ OR
#NGN Price Action continues to find resistance around the 1300 level to break down to previous Supports: 1120, 1000, 903, 825
Ngn
BTC INDEX against 5 biggest adopters if we take a look at btc against the countries which traded the btc mostly.
to take out the inflation and market noise. we need to look at the chart with 5 major countries which are buying and selling bitcoin in their local currencies.
CNY, INR, PKR, NGN, EUR so if we average out these currencies we will get a value and then we divide btc with that value we will get the local avg price.
not everyone is looking at us dollar chart. sometimes we need to look at the bigger picture.
i have also multiplied to 148.68 to get actual value of btc to get clear understanding. we can already see that btc already tested the local 2019 top. which means we might already have bottomed out.
Usdtngn bread and butter setupWell for the past 2 months we have seen steady rally on this pair so after a huge retracement, a buy program presented it self with a target of equal highs above the 945 region as a dol
Let's see how it goes
USDTNGN - Daily analysis USDTNGN has been consolidating in a symmetrical triangle pattern on the Daily timeframe.
Potential breakout.
Possible price actions are indicated on the chart.
Nigerian CallIf you are Nigerian you live there you have Paper Money or Not and you want to grow it Just convert it to some satoshi
qz.com
USDTNGN - Potential retracement 🔽USDTNGN is testing the ascending channel resistance.
RSI is printing a bearish divergence signal.
Potential retracement to the ascending channel support + fibonacci retracement levels ⬇️.
USDNGN Long term analysis !Pattern Wedge on NGN, but take in mind that this
is monthly timeframe and of course long term
analysis. Based on technical indications NGN can
correct its trend against USD to 349.77 in next
5-6 months. Anyway price can gradually decline
to 360 before christmass holidays\
Terms and short forms!
T - Trendlines (T1,T2... etc.)
S - Supprt levels (S1,S2... etc.)
R - Resistance levels (R1,R2... etc.)
TP - Take Profit
SL - Stop Loss
F - Fibo Levels (F23,F61... etc.)
Check out my next stream "What is divergence, why it is important for trading?"
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