NXT vs Bitcoin Downside Momentum

After breaking the uptrend trendline, NXT continues to move down very consistently. Fibonacci applied to the corrective wave up after the trendline breakout shows that each Fibonacci level has been acting as a resistance. On the 14th of March, price failed to break below the 3/1 Gann Fan trendline and move lower yet again.

261.8% Fibs was broken and then rejected as a resistance suggesting that NXT/BTC could go towards the next downside target at 361.8% Fibs, that is 1500 satoshis area. In order for NEX to start gaining some upside momentum, it must hold the support and break above both resistance levels.

At this point, trend down should continue dominating for a little while with a potential short term consolidation after that, followed by a trend reversal.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here