NXT Trading Scenario
Hello,
Today let's study NXT, the blockchain application coin.
The big brother of ARDR coin and soon to be IGNIS coin, went up from 550 in march to 9200 in june (16x growth) and then experienced a retracement to 3100. Today, NXT trade around 3500.
With the snapshot on NXT in October in order to obtain Ignis, good trading opportunity could come.
As you can see on the chart, NXT/BTC is currently inside of two triangles. The short term one (between the orange line and the purple long term up trend line) should resolve in a few days. The second one (between the black and purple line) should resolve before October. Today NXT is on the bottom line of those triangles where it bounced several times last month. If the triangles breaks down on the following days, we could see the price go to 3000 support level and if it doesn't hold to 2500. If the price bounce on the next days on the purple line we could see the price go to 3800 and then maybe test the orange line. If the orange line breaks we may go up to 4500-4700 levels where there is fib resistances. Then if they break, we could see the price go to 5300. I will update later if we go to this levels.
On the indicator side, On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD gave a small buy signal one month ago when NXT/BTCwas around 3600. RSI seems to predict a reverse of the downtrend soon.
With the snapshot on NXT in order to distribute IGNIS coin on October, we could see a rise in the price before the snapshot followed by a strong retracement.
In conclusion, It may be a good time to buy some NXT (at the bottom of the triangle after a bounce for a more risky bet or when the orange triangle break for a safer buy).
Today let's study NXT, the blockchain application coin.
The big brother of ARDR coin and soon to be IGNIS coin, went up from 550 in march to 9200 in june (16x growth) and then experienced a retracement to 3100. Today, NXT trade around 3500.
With the snapshot on NXT in October in order to obtain Ignis, good trading opportunity could come.
As you can see on the chart, NXT/BTC is currently inside of two triangles. The short term one (between the orange line and the purple long term up trend line) should resolve in a few days. The second one (between the black and purple line) should resolve before October. Today NXT is on the bottom line of those triangles where it bounced several times last month. If the triangles breaks down on the following days, we could see the price go to 3000 support level and if it doesn't hold to 2500. If the price bounce on the next days on the purple line we could see the price go to 3800 and then maybe test the orange line. If the orange line breaks we may go up to 4500-4700 levels where there is fib resistances. Then if they break, we could see the price go to 5300. I will update later if we go to this levels.
On the indicator side, On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD gave a small buy signal one month ago when NXT/BTCwas around 3600. RSI seems to predict a reverse of the downtrend soon.
With the snapshot on NXT in order to distribute IGNIS coin on October, we could see a rise in the price before the snapshot followed by a strong retracement.
In conclusion, It may be a good time to buy some NXT (at the bottom of the triangle after a bounce for a more risky bet or when the orange triangle break for a safer buy).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.