NULSUSDT ❌ Nuls Proof of Bullish Reversal?...if Support is Held💬 The NULS + Nerve Network and Bitcoin staking services news is almost as bullish as the potential bullish reversal we are seeing on NULS's chart. Let's take a look at some different timeframes to see what NULS is up to.
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Hourly Support:
S1: The S1 S/R flip has already acted as support, ideally once is enough and we start a move up from here. With that in mind, it may see a reaction again if retested so its worth having on the radar for that. Mostly though, this level is notable in being a key level to hold as you'll see as we move along with the analysis.
S2: S2 S/R flip is a likely support if the current move ends up being one of bearish continuation as shown by the downward ABC line. A move like that would show weakness in the higher timeframe market structure, so although the support is relevant, this sort of price structure is something to be cautious of.
Hourly Resistance:
R1: The R1 S/R flip will either act as resistance, bringing us downward, or as support if price can move above it. The bulls want to see it act as support as shown by the upward sloping "bullish reversal move" ABC line.
R2: The R2 S/R flip is where we expect a bullish reversal move to find resistance and reach a decision point.
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4 hour USDT:
The major price pivot point shown here is the level that the bulls must hold. If the bulls hold here, NULs has a long way to run. If the bulls can't hold, NULS shows real weakness. This is why we don't want a retest of S2 on the hourly, it jeopardizes this level.
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4 hour BTC:
4h BTC Support:
S1: The S1 orderblock lines up nicely with the USDT's S1. This makes this support even stronger and more ideal to hold.
S2: Again, we have an S2 support that could work like we explained with the USDT hourly S2, but retesting it isn't ideal (unless it is retested by BTC rapidly outpacing NULS... although that itself isn't the ideal for NULs bulls).
4h BTC Resistance:
R1: The R1 orderblock is the first point of resistance for BTC. Keep this one in mind if we do get a run.
R2: The same logic as R1, the R2 S/R flip will be a key resistance if and when it is tested.
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Summary:
NULS bulls want to see S1 hold. This is a rather important support to stay above, thus the clearest path is a bullish continuation from here as a show of strength. Although there is some local resistance, higher-timeframe resistance Is a good ways off. So if NULs can move here, it has a good amount of uptrend potential.
Resources:
www.businesswire.com
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