NXT - Contracting Range (Breakout Imminent)
Updated
Price is approaching potential resistance level at its symmetrical triangle pattern . The triangle spans $0.056 to $0.090 (the resulting rally could be of the same height). These patterns tend to result in trend continuation however, within the given price range it appears that an inverted H&S (embedded pattern) is forming so from my experience it has a better chance to break to the upside considering its oversold conditions. Based on OBV (on larger TFs it can be seen that strong bullish divergence has formed- showing an exhaustion in selling) we are likely to see a big move soon. Potential targets are marked red - those are based on historically important and confluent horizontal price levels that will likely show signs of strong supply when the price reaches there. The breakout is imminent and should occur with an expansion in volume by 30/10. I will definitely be looking to sell in $0.101 to $0.110 range. Now hoping to see Bitcoin making the move first ( bullish expectations) - the rest of the crypto should follow.
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Now definitely below the TL - closing 50% now and setting a SL just below the potential head to minimise the loss. The correlation between Bitcoin and NXT is pretty high (0.69) so if BTC continues to dip further - one should wait and look for a better entry.Trade active
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Order cancelled
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