The big harmonic move on 2 week chart:
In previous post we have already seen that on 2 week chart the price action of NPXS has completed the formation of bullish Butterfly pattern.
After taking bullish divergence at the starting of Feb 2020 it moved up by more than 70% from the lowest price of Jan 2020 which was $0.00012001 and now the price action has again dropped down in potential reversal zone of this pattern.
The support:
Even though the pundi X has found a recent support at: $0.00011078 but now there are chances that the price action may reach below this level. And during this move the priceline may not break down the $0.00011078 support but the spike can be hit beyond this level for the completion of another harmonic pattern that is being formed I will show that pattern latter on in this article.
Oscillators and indicators:
Previously we have observed that the moving average convergence divergence (MACD) was turned strong bullish and relative strength index ( RSI ) was oversold and it was turned bullish. The balance of power was also strong bullish and momentum was shifted to bulls.
But now moving average convergence divergence (MACD) is turned weak bearish from strong bearish, relative strength index ( RSI ) is also turning bearish, balance of power is turned bearish, momentum is also being shifted to bears and if we see the stochastic then it has also given bear cross and these indications can lead the price action more down.
The recent harmonic move:
On 2 day chart price action of Pundi X (NPXS) is forming a bullish butterfly pattern we need little more drop for the completion of this pattern and then price action will be entered in the potential reversal zone and final leg will be completed. Formation of this pattern was started on 23rd December 2019 and at this time the final leg is being formed.
The dimensions of new pattern:
Let’s see how perfect this pattern is being formed:
After initial leg (X to A) the A to B leg is retraced between 0.618 to 0.786 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) should be retraced between 1.27 to 161.8 Fibonacci then the priceline will be ready to take bullish or upwards move.
Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Buy between: $0.00006849 to $0.00001354
Sell between: $0.00011114 to $0.00021421
Is this volatility is insane?
So for example if the last leg will be formed upto its maximum extent of $0.00001354 then there is possibility that this trade may produce upto 1482% huge gain.
This move can be insane in some people’s point of view but the level where the Pundi X is moving at this time is turned extreme volatile therefore the little movement of NPXS produces huge profits and losses as well. For more examples you can see the PundiX charts I have published on tradingveiw then you will find this token produces hundreds of percents gains and losses even on hourly charts. And this is the beauty of PundiX that makes it more attractive for traders.
Stop Loss:
The potential reversal zone area which is up to $0.00006849 can be used as stop loss in case of complete candle stick closes below this level.
Note: This idea is for education purpose only and not intended to be investment advise, please seek a duly licensed professional and do you own research before any investment.
In previous post we have already seen that on 2 week chart the price action of NPXS has completed the formation of bullish Butterfly pattern.
After taking bullish divergence at the starting of Feb 2020 it moved up by more than 70% from the lowest price of Jan 2020 which was $0.00012001 and now the price action has again dropped down in potential reversal zone of this pattern.
The support:
Even though the pundi X has found a recent support at: $0.00011078 but now there are chances that the price action may reach below this level. And during this move the priceline may not break down the $0.00011078 support but the spike can be hit beyond this level for the completion of another harmonic pattern that is being formed I will show that pattern latter on in this article.
Oscillators and indicators:
Previously we have observed that the moving average convergence divergence (MACD) was turned strong bullish and relative strength index ( RSI ) was oversold and it was turned bullish. The balance of power was also strong bullish and momentum was shifted to bulls.
But now moving average convergence divergence (MACD) is turned weak bearish from strong bearish, relative strength index ( RSI ) is also turning bearish, balance of power is turned bearish, momentum is also being shifted to bears and if we see the stochastic then it has also given bear cross and these indications can lead the price action more down.
The recent harmonic move:
On 2 day chart price action of Pundi X (NPXS) is forming a bullish butterfly pattern we need little more drop for the completion of this pattern and then price action will be entered in the potential reversal zone and final leg will be completed. Formation of this pattern was started on 23rd December 2019 and at this time the final leg is being formed.
The dimensions of new pattern:
Let’s see how perfect this pattern is being formed:
After initial leg (X to A) the A to B leg is retraced between 0.618 to 0.786 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) should be retraced between 1.27 to 161.8 Fibonacci then the priceline will be ready to take bullish or upwards move.
Buying And Sell Targets:
The buying and sell targets according to harmonic Butterfly pattern should be:
Buy between: $0.00006849 to $0.00001354
Sell between: $0.00011114 to $0.00021421
Is this volatility is insane?
So for example if the last leg will be formed upto its maximum extent of $0.00001354 then there is possibility that this trade may produce upto 1482% huge gain.
This move can be insane in some people’s point of view but the level where the Pundi X is moving at this time is turned extreme volatile therefore the little movement of NPXS produces huge profits and losses as well. For more examples you can see the PundiX charts I have published on tradingveiw then you will find this token produces hundreds of percents gains and losses even on hourly charts. And this is the beauty of PundiX that makes it more attractive for traders.
Stop Loss:
The potential reversal zone area which is up to $0.00006849 can be used as stop loss in case of complete candle stick closes below this level.
Note: This idea is for education purpose only and not intended to be investment advise, please seek a duly licensed professional and do you own research before any investment.
