A lot of FUD at the moment; the choyna news is overrated and I continue trading Bitcoin & alts as if nothing happenned. Bitcoin looks in shape, wouldn't mind a few dips to refuel. For now it's respecting this new purple trendline on the 4h as it broke the blue one. Let's see if we can climb above the 4h cloud again
I would definetely buy all the supports I can...
I know everyone is panicking, fear is present, blood bath on alts, ...
But when I look at the charts, I see a few bullish signs:
-sell wolume keeps going down, bears tired ?
-RSI on the 6h, 12h, 1d & 3d oversold.
-ABCDE elliot falling triangle wave correction in a rising market.
If we clearly break the support, then I will be bearish but until then I will stay...
I think if NXT can climb up the daily green ichimoku cloud it would be a sign of strength and possibly the start of a new impulsion. Wouldn't buy in the retracement zone because of recent blood baths across the map of crypto world. Patience and look for signs of strength!
I know I posted an earlier chart where I tried to depict a short before long but this is another possible scenario:
Can see a triple bottom forming + RSI on 6H giving a try at an upwards cross. Would play this with a tight stop and check if support holds.