Technical Analysis - NIX
NIX/USD - 01/16/2020
As shown above, we will be updating the technical analysis of NIX/USD from the 10th of December.
As we identified correctly, we made the analysis at the local top. We were looking for some signs of strength around the green box, which also represented the "golden pocket" of the previous impulse.
This box broke down violently without showing any signs of strength and continued to make a new Lower Low, with which it created bullish divergences and has shown signs of exhaustion from the seller's side.
As mentioned above, after the violent break-down of a key-area, we created a local bottom, from which we started rising the key-area upwards again. Such has turned into a key area of resistance, and we see a price action, which could be identified as a bullish consolidation below resistance. A similar structure like BTC/USD on the daily before the most recent impulse move. Just as with BTC, we can expect here an impulse move upwards, which leaves two trade possibilities for an experienced trader. Either he would look to trade the breakout and get in immediately, or he would be trading the re-test of the key-area. If we look at the volume and various other indicators, these two mentioned options are indeed the most viable ones.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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