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.

 

Overview:

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.

 

Update:

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!



DISCLAIMER

The content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by Upblock or any third party service provider to buy or sell any cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on). Trading and investing in cryptocurrencies (also called digital or virtual currencies, crypto assets, altcoins and so on) carries a high level of risk, and may not be suitable for all investors. Before deciding to trade cryptocurrencies, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with cryptocurrency trading and seek advice from an independent financial advisor. ICO's, IEO's, STO's and any other form of offering will not guarantee a return on your investment. Since

 

Any opinions, news, research, analyses, prices, or additional information contained on this website is provided as general market commentary and does not constitute investment advice. Upblock will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. All opinions expressed on this Site are owned by the respective writer and should never be considered as advice in any form.