The world’s 99th ranked cryptocurrency out of more than 2300 cryptocurrencies Pundi X (NPXS) was moving within a falling channel since Dec 2018.
Following this channel the traders were earning very easy money by simply buying at support of channel and sell at resistance.
The 1st bounce produced more than 80%, the second bounce produced more than 96% and 3rd bounce gave more than 106% profit and then finally in July 2019 the price action broke down the support of channel and since then NPXS has formed a long bear leg.
The Ichimoku cloud:
On daily chart In the month of July the ichimoku cloud turned bearish now after more than 4 months finally the cloud is turning bullish as we can clearly see that lead 1 has crossed up the lead 2 and lagging span has attempted to cross up the priceline.
The Indicators and Oscillators:
The chop zone which was turned strong bearish since Aug 2019 is also turned weak bearish in the month of Oct 2019 and moving average convergence divergence (MACD) is also turned weak bearish from strong bearish and fast length of MACD is likely to cross up the slow length very soon and RSI is also oversold since Sep 2019.
The pennant:
When the Pundi X extended its bear leg then it changed its movement from up channel to pennant by having 4 touches at resistance and 3 touches at bottom of pennant now the price action is at the end of this pennant now from here the priceline can either breakdown the support of pennant or breakout the resistance but as discussed earlier we have seen that indicators and oscillators are turning bullish so we can expect the breakout or more sideways trend.
The harmonic move:
After all above observations the most powerful signal and indicator for me is the harmonic move which is always formed by nature by supply and demands of humans and this time the Pundi X has formed a bullish butterfly now lets have a look at this pattern:
After initial (X to A) leg the B leg is retraced upto 0.786 Fibonacci as required for bullish butterfly and B to C leg is projected between 0.382 to 0.886 Fibonacci projection area of A to B leg this is the second confirmation of bullish Butterfly now finally we needed the retracement between 1.27 to 1.618 Fibonacci and by retracing upto 1.376 the price action confirmed that it has completed the bullish butterfly pattern and now it is in potential reversal zone of this pattern.
Here the important point is that the 1.618 Fibonacci level is in negative and the priceline cannot cross the 0 point so we can assume that the price line has hit the lowest point and cannot move more down now we can set our sell targets between 0.382 to 0.786 projection area of C to D leg.
The buying and sell targets should be:
Buy below 0.00010493
Sell between: 0.00037007 to 0.00101017
According to above calculations the Pundi X can be the coin which is gonna give profit more than all cryptocurrencies.
Regards,
Atif Akbar (moon333)
Following this channel the traders were earning very easy money by simply buying at support of channel and sell at resistance.
The 1st bounce produced more than 80%, the second bounce produced more than 96% and 3rd bounce gave more than 106% profit and then finally in July 2019 the price action broke down the support of channel and since then NPXS has formed a long bear leg.
The Ichimoku cloud:
On daily chart In the month of July the ichimoku cloud turned bearish now after more than 4 months finally the cloud is turning bullish as we can clearly see that lead 1 has crossed up the lead 2 and lagging span has attempted to cross up the priceline.
The Indicators and Oscillators:
The chop zone which was turned strong bearish since Aug 2019 is also turned weak bearish in the month of Oct 2019 and moving average convergence divergence (MACD) is also turned weak bearish from strong bearish and fast length of MACD is likely to cross up the slow length very soon and RSI is also oversold since Sep 2019.
The pennant:
When the Pundi X extended its bear leg then it changed its movement from up channel to pennant by having 4 touches at resistance and 3 touches at bottom of pennant now the price action is at the end of this pennant now from here the priceline can either breakdown the support of pennant or breakout the resistance but as discussed earlier we have seen that indicators and oscillators are turning bullish so we can expect the breakout or more sideways trend.
The harmonic move:
After all above observations the most powerful signal and indicator for me is the harmonic move which is always formed by nature by supply and demands of humans and this time the Pundi X has formed a bullish butterfly now lets have a look at this pattern:
After initial (X to A) leg the B leg is retraced upto 0.786 Fibonacci as required for bullish butterfly and B to C leg is projected between 0.382 to 0.886 Fibonacci projection area of A to B leg this is the second confirmation of bullish Butterfly now finally we needed the retracement between 1.27 to 1.618 Fibonacci and by retracing upto 1.376 the price action confirmed that it has completed the bullish butterfly pattern and now it is in potential reversal zone of this pattern.
Here the important point is that the 1.618 Fibonacci level is in negative and the priceline cannot cross the 0 point so we can assume that the price line has hit the lowest point and cannot move more down now we can set our sell targets between 0.382 to 0.786 projection area of C to D leg.
The buying and sell targets should be:
Buy below 0.00010493
Sell between: 0.00037007 to 0.00101017
According to above calculations the Pundi X can be the coin which is gonna give profit more than all cryptocurrencies.
Regards,
Atif Akbar (moon333)
