BITTREX:NXTBTC has found support is preparing for another breakout. After the initial breakout/reversal was made after the post-IGNIS airdrop dump and stopped by the 100MA on the Hourly, NXT has squeezed its way back to the 100MA forming a wedge/triangle in the process. If you are not currently in next, this is a great early entry for a breakout trade. The whole market is beginning the year off on a rally and NXT is going to want to catch up after falling behind the rest of the alts. From where I'm standing, this looks like the completion of a 2nd Elliot Wave which mean the next leg up is going to be a big one.
Check out my telegram channel for trading tips, signals, updates and more: t.me/cryptoswitch
Comment
⋅
Breakout Denied by BTC rally. Bounce here is likely but BTC is out for some Alt blood so be careful here.
Comment
⋅
This could be a possible bottom on NXT. This is where the dump post IGNIS ended and now this is where price is resting after failure to breakout. MA congestion suggests that a strong move in inbound but the direction is still unclear considering BTC current rally.
Comment
⋅
That Bounce Tho... Testing previous support (now resistance) Long way up if it can make it through
Is going below the support zone, is this chart still relevant?
UnknownUnicorn1903462
⋅
@OctavioT555, I suppose this is because of great burst in BTC
myceliium
⋅
@UgurcanY, yup, it would appear BTC trying to regain its market dominance (up 2% in the last 1hr)
myceliium
⋅
@OctavioT555, support is now resistance, i expect a bounce and the 100MA needs to be cleared before NXT is a buy again. If you don't mind the risk though this could be a great entry for either a scalp of long term trade still.