Technical Analysis - NIX
NIX/USD - 02/13/2020
As shown above, we will be updating the technical analysis of NIX/USD from the 15th of January.
NIX/USD has made a nice breakout from the ascending triangle and re-tested the local uptrend support, which followed by the next breakout.
Finally, the primary and highest local HTF resistance has been broken, and it is safe to say that NIX/USD is now up trending, leaving traders on the look-out for trades and entries.
As mentioned above, it is very usual to have a breakout followed by a re-test. We had here a double re-test, one at the rising support and the other at the previous resistance.
The Volume is supporting this trend strongly, and it is indicating us that NIX/USD has strong support on the buyer's side.
Nevertheless, after breaking the highest resistance a few days ago, we are now starting to see huge wicks to the upside, indicating that sellers are stepping in or that buyers are taking profits.
Once again, leave space for the possibility to re-test the breakout levels, just as we have seen it before.
It is worth mentioning that after the last re-test, huge impulses to the upside are possible since there are no more gaps or order blocks that need to be filled. Also, the next resistance is almost 50-100% above, therefore can experienced trader would look for trades around the green box/area of a breakout.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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