Nxt Market Report 080414

By lightspeed.

Market Depth (BTER):

Bids: 0.24 Million NXT
Asks: 0.28 Million NXT

Time for quick interim update as we pass the midpoint of ‘stability week’ as anticipated by last week’s report.

At the time of writing, the 4 hour MACD is just crossing over to the upside helped along by a brief gust of buys that rustled through the order book in the last hour taking out the low hanging fruit on the ask side to the tune of around 80k NXT at ~6240.

This has consolidated the week’s relaxed, undulating but regular pattern and is helping to bake in the 6000 level following the buffeting we got in the wake of the big bounce off the 5000 support.

With the longer range indicators having all made a fairly greased-on rendezvous with the horizontal plane, they are now in the hangar for the night and void of much useful signal. The 4 Hr however still offers some radar returns and the story they tell is one of gentle consolidation for the remainder of the week with a possible exploratory excursion to the upper reaches of the 6100 to 6500 range. That’s about as ambitious as it looks like getting folks but no bad thing if it means an equal shoring up of the support.

The other benefit you get from this state of affairs is good liquidity in both directions, so traders looking to exploit the small variations that do appear will now have more chance to do so than they did with the big spreads we had of the previous 2 weeks.

Reaches for tonight are as follows (Averages in brackets):

Buying :

10,000 NXT = 6247 (6245) Satoshis
50,000 NXT = 6297 (6261)
100,000 NXT = 6300 (6280)
200,000 NXT = 6555 (6375)
500,000 NXT = 6887 (6596)

A 500,000 cashout tonight would take us down 600 to 5560 while a 500,000 buy would take us up 700, so order book is slightly firmer on the buys around current price.

Bitcoin meanwhile is doing its bouncing bomb impersonation and it’s anyone’s guess if it’s going to bust any dams in the next few days. Luckily we are receiving the protection of a de-coupled market for now so lets be happy for small mercies 

Happy trading !

Donations to lightspeed / Nxt Marked Report: Nxt acc. 13411915496268579987

Original post on nextcoin.org forum: