I honestly Don't know how much longer we will correct, and I will give a closer view on where we are now. But Guys, I think we're at least at the bottom. It would have to be a fundamental problem for NXT to see anything lower than 40 cents. I honestly don't remember my on NXT, but I AT LEAST remember that this was a solid coin that I really wanted in my core portfolio (and I did, until I sold it). But Now is re-entry time.
We WILL get a higher all high again. This coin is too good and it was sold off FAR too much for that IGNIS thing (honestly I don't know a lot about it).
But my indicators tell me that this is gaining juice again and the crypto world has NOT given up on it. Like I said, I really don't know how much longer it will correct for. But we will see these highs, there is no reason not to and this coin is extremely oversold and undervalued.
Now if we look at the daily , somehow we are still . And we are beginning to trend upwards on the . In the smaller scale we have a nice symmetrical triangle that has momentum behind it. I'm sure this coin will go up, and your account with thank you for buying it.
So how long? Guys I can't tell you that. This is a position that I am 100% placing in my core portfolio again and I will likely throw money that way and just forget about it. That is this trade. Put money in and forget about it. EVEN if it is a quarter of your normal position, just do it. If it fails, then it's something fundamentally wrong, but I just don't see it. Please inform me with a decent argument on why it won't go up again if I am missing something.
One more close up view for the next update.
Honestly, I don't see why It can't hit this target by March. But we will see. Time will tell. Trust me, even if its a small amount, just put it in there and forget about it. I'm almost kind of speechless because I can't believe how long NXT has been sitting down here. It just have popped up a long time ago.
So I've already lost 6% on this. Do I care? No. Because this is not a trade. This is an investment. I'm investing in NXT and the potential here. That's why this is a buy and forget about it position. But I can't stop thinking about the opportunity here so I'll continue to check on the progress just so you all can be aware that everything in this market (for now) REBOUNDS.
So rather than a triangle, this is more like a channel. Sorry for that mistake, So we have the opportunity to touch the bottom line again before we see any upward movement. Patience is key here, It will NOT happen overnight. This will likely take its time, and could correct for weeks to months. But, even though it may still correct, the trend will likely be an UPWARDS correction (yes those happen when you invest in the BOTTOM of a potential triangle). I always try to never invest my money into something that is trading SIDEWAYS. Because in the end of that correction, you are wasting your time because its going to go up and down but never actually go anywhere.
So, something that I've noticed with working with NXT before is that it is hard to count because there are always some FUNKY things that go on. It honestly might be harder to predict than Bitcoin.
So I've already looked at my indicators to confirm that an uptrend is going, and I'm using fib retracement to detect how much lower it can go, and I'm getting all BULLISH signs. Even though the shorter term (1-3 days) doesn't look great.
If we notice the trends of the past, NXT has seen very sharp ABCDE corrections that have always bounced up hard and funneled through a sharp V formation. So could the end of the correction actually be coming to an end? Absolutely, but is it likely? Probably not.
If we assume that history repeats itself, we can assume some sharp rebounds here, and I expect it to stop at these fib levels along the way and possibly see some rejection. When we bounce, I am for-sure adding cash and will trade this coin. I may even post some of my higher risk trades on here during this process so you all can see my train of thought. Thanks.
NXT is forming a Channel!
It will likely be about 3-4 days before see any form of an actual bounce! If it drops down to 40 cents I will definitely add to my long position here. Remember guys, this is an investment. This correction could very well take months to finish! The drop was nasty.
Alright, I want to show this here to show you guys how easy this is! So, we 're actually forming a descending wedge instead of a channel!! That's even better! Remember, we need 5 touches to complete the wedge!
So what we're going to do is target this bottom portion for entry. I measured the angles of each wave. The 2nd corrective wave 3 to 4 was a little tighter than the first 1 to 2 , so we're going to assume a little bit of a wider angle for 4 to 5 (motive wave to the correction) based on on what we get for 2 to 3.
We target the bottom support for entry, and target the length of the gap of the wedge for profit (or just a reversal trend target).
I'm trying to make sure that I use the correct terminology here. When we are in a correction, and the sub wave is headed down, that is a motive wave to the correction. When a sub wave is headed up, that is a corrective wave to the correction. BECAUSE the overall trend is down, anything that goes against it is a correction to that downtrend. That's why I say you can make money in bear markets! It won't always falls for forever, it has to take breaks along the way!
There it is guys! See how easy that was? Now we've lowered our average cost, and increased our potential gain to as much as an extra 400% (yes really!). Expect a tiny little double bottom in that corner where we may touch the line again!
Remember guys, this is a long-term investment. I'm just trying to piece together what we may see along the way. There is no rush to this consolidation, so it can definitely take its time with this. BUT, as of now, we are in another descending wedge, and should see a small tick to the upside.
All in all, I think we are forming a very big cup and handle, that can very well take months to finish, but this is probably what it would like like. We are already a month in, and it could take maybe one or two more months to finish it. The good news is that I believe it can't get much lower than 35 cents. It seems we're rounding at that level and could find some lift here soon. This will take a while.