NXT Update: On the Rise

BITTREX:NXTBTC has found support is preparing for another breakout. After the initial breakout/reversal was made after the post-IGNIS airdrop dump and stopped by the 100MA on the Hourly, NXT has squeezed its way back to the 100MA forming a wedge/triangle in the process. If you are not currently in next, this is a great early entry for a breakout trade. The whole market is beginning the year off on a rally and NXT is going to want to catch up after falling behind the rest of the alts. From where I'm standing, this looks like the completion of a 2nd Elliot Wave which mean the next leg up is going to be a big one.

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Komen: Breakout Denied by BTC rally. Bounce here is likely but BTC is out for some Alt blood so be careful here.

This could be a possible bottom on NXT. This is where the dump post IGNIS ended and now this is where price is resting after failure to breakout. MA congestion suggests that a strong move in inbound but the direction is still unclear considering BTC current rally.
That Bounce Tho...
Testing previous support (now resistance)
Long way up if it can make it through
Is going below the support zone, is this chart still relevant?
ugurcany OctavioT555
@OctavioT555, I suppose this is because of great burst in BTC
+1 Balas
@ugurcany, yup, it would appear BTC trying to regain its market dominance (up 2% in the last 1hr)
cryptoswitch OctavioT555
@OctavioT555, support is now resistance, i expect a bounce and the 100MA needs to be cleared before NXT is a buy again. If you don't mind the risk though this could be a great entry for either a scalp of long term trade still.
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