NPXSUSDT another bullish reversal setup
Hey friends, hope you are well and welcome to the new update on Pundi X token.
As per my previous idea, the NPXS turned bullish from the potential reversal zone of bullish Shark and recovered rallied more than 63%.
Previous bullish Shark idea:
On the daily chart while moving up from the potential reversal zone of Shark pattern the price action also broke out the resistance of a down channel. The candlesticks of NPXS token were moving in this channel since 4th Sep 2020. At this time the priceline of Pundi X is having good support of 200 and 50 simple moving averages. The 50 SMA has also formed death cross with 200 simple moving average that is taking down the priceline to complete another harmonic move.
This time it is bullish BAT move expected.
The priceline of NPXS token has been rejected by the upper edge of Ichimoku bearish cloud and the conversion line has formed death cross with base line. These signals can also lead the priceline to complete the final leg of bullish BAT move.
Conclusion:
As this time while forming the bullish BAT on daily chart the price action has good supports of 50 and 200 simple moving averages therefore this time the priceline may start bullish move from 0.618 rather to move between 0.786 to 0.886 Fibonacci sequence of BAT move. However, due to death cross above the priceline it can also be bull trap and the priceline may move down to 0.786 to 0.886 Fibonaccie retracement level and then move up.
As per my previous idea, the NPXS turned bullish from the potential reversal zone of bullish Shark and recovered rallied more than 63%.
Previous bullish Shark idea:
On the daily chart while moving up from the potential reversal zone of Shark pattern the price action also broke out the resistance of a down channel. The candlesticks of NPXS token were moving in this channel since 4th Sep 2020. At this time the priceline of Pundi X is having good support of 200 and 50 simple moving averages. The 50 SMA has also formed death cross with 200 simple moving average that is taking down the priceline to complete another harmonic move.
This time it is bullish BAT move expected.
The priceline of NPXS token has been rejected by the upper edge of Ichimoku bearish cloud and the conversion line has formed death cross with base line. These signals can also lead the priceline to complete the final leg of bullish BAT move.
Conclusion:
As this time while forming the bullish BAT on daily chart the price action has good supports of 50 and 200 simple moving averages therefore this time the priceline may start bullish move from 0.618 rather to move between 0.786 to 0.886 Fibonacci sequence of BAT move. However, due to death cross above the priceline it can also be bull trap and the priceline may move down to 0.786 to 0.886 Fibonaccie retracement level and then move up.
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