stir224

NULSBTC Possible bounce soon!

BINANCE:NULSBTC   Nuls / Bitcoin
Hey guys just wanted to show what I think might happen with NULS in the near future. This token can be hard to predict due to its low volume tendencies so expect to see more wicks that extend past where they should. Anyway, it looks like NULS is finishing with its ABC correction with a final leg C that should be 1:1 of leg A and that is highlighted in the green box. It is very possible this leg could extend further but I don't see it happening. NULS is already over sold on nearly every time frame and has begun to show signs of bullish divergence so I would expect to see support start moving in. Lastly, if the red support line is breached there is not much in the way of us falling to 19-22k so just keep that in mind. Stay safe and always wait for confirmation to trade!
Comment: As I was publishing this it looks like we spiked down to 26.5k. That might be bottom for now. We will have to keep a close eye on it!
Comment: It looks like we were able to find support at the target. The downtrend channel was broken and we moved to start an uptrend (even if just for correction) and were promptly shown the door by BTC retracing a bit.

The good news: We have definitely established 26.5k as a solid support for now as we have bounced off of it again. We did not fully 100% retrace this first wave so it is not a total failure although I would have liked to see more support higher up. I expect BTC to turn around here and test 7600-7800 which will give NULS plenty of time and room to grow for the next few days.

The bad news: It is possible BTC was in a bull trap and we will see a retest of 6k soon (which will likely not hold) and plummet to 5k or lower. Needless to say this would likely send NULS to the 24k support or even lower to 19k. I'm not ruling this out indefinitely but I do see this as the more unlikely of the two scenarios FOR THE TIME BEING. Long term I think it would be unwise to rule out a bigger overall correction for BTC but we will need more data.

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