HITBTC:NIMUSD Nimiq / US Dollar (calculated by TradingView)
The timeframe of this analysis is on the weekly. So it is based on the longer timeframe.
Usually I use Fibonacci to analyse assets. Most of the time the of a certain coin goes into a so called reload zone. This zone is between the Fibs numbers 0.786 and 0.618. But there is also a strong with Fibonacci numbers, it is the magical 0.88 number. What we saw happened in the previous dump with Nimiq is that it had a support at that specific line the 0.88 fib with a Candle. A candle is considered to be if it happens at a
If a W pattern formed below the 0.786 Fibonacci number with a support at the 0.88 Fibonacci number it may be a sign that something is about to happen. That is what we saw happened with Nimiq during the previous dump. It pumped almost 300% because of that.
I usually use The Willy indicator. It is a programmable that you can get with a code from trading view.
Most of the time when the Willy gets in the oversold area it may be a sign to buy.
You can see that the Willy idicator was in the oversold area during the support at the 0.88 fib we talked about. So another indicator gives us a signal that the coin may get a pump to the upside.
The Normal 14 was around the 40% in the prevouse bottom of Nimiq. So it is not the oversold area but its not bad at all.
If we look at the Nimiq Chart today we see very similar patterns forming.
The price dumped into the Reload zone where most of the time the coins stabilizing in that area.
Firstly we got a support at the 0.88 Fibonacci number. As you can see in Figure 4, the support happened with a candle twice like the previous one we talked about.
We can also see that a W’ pattern is forming below the 0.78 fibs with support at the 0.88 fibs. Witch indicate that the bottom is happened.
Secondly The Willy indicator is also in the oversold area.
The 14 is also at the 40% levels same as before.
That tells us that something is about to happen with the Nimiq price.
Lets suppose that it gets a pump. Where can I get out of the coin?
Therefor I use the level, when using fibs you chose the bottom of the price, in this case the support at the 0.88 fibs with the candle. Then I get the numbers above 1.
Usually the price rally’s into the so called parking garage box. This area is between the 1.618 and the 2.0. I can set a stop loss of around $0.0034 in case the 0.88 support fails I can get out with a %17.43 loss. The potential target of Nimiq would be around average price of $0.0175, that is almost a 3x reward.
Finally if we take a look at the Histogram we can see that it is changing to the side.
As you can see with the previous dump it formed also the same pattern.
Based on the there is potential for Nimiq(NIM). We had several indicators confirming that a bottom was happened. Bitcoin looks also that means that the rest of the altcoins can get a pump in the near future. Meaning that Nimiq can also get that 3x as explained during this analysis. I myself will enter this trade and willing to take the risk to get the rewards I am expecting.