NXT/IGNIS Countdown to ICO, Cup and Handle
Updated
Hey all,
Still new to charts and have only been tweeting my updates so far, but it appears that we have a big cup and handle dating back to July 8th with a neckline at 5200 and a bottom of 3000.
I marked a few interesting points of divergence that stuck out to me, and coincidentally both appeared to stop their respective downtrends (the first being the bottom of the cup, the second being the bottom of the handle). It looks like we broke out of the downtrend of the handle on July 26th. The ICO date for IGNIS is marked in purple, though there is no exact time on August 5th.
I drew out some general trend-lines on where I think we will go in this next week or so leading up to the ICO. These are roughly based on various Fibonacci levels (again, new to those as well) that I decided not to put on the already-cluttered chart. I believe we will slowly climb back to 5200, bounce back down around 5600, and then spike upward to the 6500 range.
Obviously there's uncertainty in the market for Aug. 1st, so this chart could become skewed relatively quickly. Won't use this chart to speculate what will happen to the price of POLONIEX:NXTBTC while the ICO is ongoing or when the eventual IGNIS snapshot occurs, but I would love to hear your thoughts on that.
Also seeing a positive trend occurring with the MACD on the 4 hour chart for what it's worth.
Info on the ICO is located here if you need a quick refresher: jelurida.com/ico
Good luck all, and may POLONIEX:NXTBTC, IGNIS, and
ARDRBTC all fly!
Twitter: twitter.com/josephcrypto
Still new to charts and have only been tweeting my updates so far, but it appears that we have a big cup and handle dating back to July 8th with a neckline at 5200 and a bottom of 3000.
I marked a few interesting points of divergence that stuck out to me, and coincidentally both appeared to stop their respective downtrends (the first being the bottom of the cup, the second being the bottom of the handle). It looks like we broke out of the downtrend of the handle on July 26th. The ICO date for IGNIS is marked in purple, though there is no exact time on August 5th.
I drew out some general trend-lines on where I think we will go in this next week or so leading up to the ICO. These are roughly based on various Fibonacci levels (again, new to those as well) that I decided not to put on the already-cluttered chart. I believe we will slowly climb back to 5200, bounce back down around 5600, and then spike upward to the 6500 range.
Obviously there's uncertainty in the market for Aug. 1st, so this chart could become skewed relatively quickly. Won't use this chart to speculate what will happen to the price of POLONIEX:NXTBTC while the ICO is ongoing or when the eventual IGNIS snapshot occurs, but I would love to hear your thoughts on that.
Also seeing a positive trend occurring with the MACD on the 4 hour chart for what it's worth.
Info on the ICO is located here if you need a quick refresher: jelurida.com/ico
Good luck all, and may POLONIEX:NXTBTC, IGNIS, and
ARDRBTC all fly!Twitter: twitter.com/josephcrypto
Note
Traced back down a bit with all of the funds flowing out from Alts into BTC.It looks like it COULD be a double bottom, but I'm not sure if it can hold the base.
Note
Link to the chart where I highlighted the potential double bottom:Note
Was a little bit drawn out and unorthodox because of the BCC fork, but finally we're pushing right up against that 5200 resistance. I expect the uptrend to continue as we get closer to the ICO on 8/5. Here's an updated chart, though it's a bit different than the original one here.
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