First, in the 1h chart, we see that NIO defeated the bear trend, when it broke the purple trendline, and it is not doing lower highs/lows anymore. But there’s no bull trend yet, and it seems we only have a congestion in the short-term, as the 21 is flat.
The $ 32.58 is a , and it must react quickly in order to make a new movement.
In the , we are in the lower part of a congestion, and NIO did a false breakout from the $ 31.92 last week. Again, if NIO doesn’t react quickly, it might retest the light green line area once more, and even trade slightly below it.
In order to fly again, NIO must defeat the $ 34.78, as this is a pivot point for us, and would lead the price back up to the $ 43.13.
Let’s watch NIO carefully in the next few days. And if you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
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