Nxt Market Report 210314

by lightspeed.

March 21st 18:30 UTC – GOTCHA !! : Bullish Double Spike

Some interesting and not so expected price action was seen this afternoon (morning if you are US side).

In particular, a double spike on the 5 minute wave starting around 15:30 UTC meant that if you’d been planning to jump off the train at 6200 Satoshis as last night’s price push was waning, you would have been beached as another secondary wave kicked in just as crossover to the downside on the short range signal line was occurring. The cryptocurrency trading gods sometimes spring that kind of surprise just to check we’re still awake.

NXT market report isn’t sufficiently informed to categorically explain the second push which took us nearly to 7 but notes that it occured just as the sun was completing its traverse across the Atlantic and striking the Eastern Seaboard of the United States. On the face of it, some nervous New Yorkers woke up expecting to see that we’d drifted back down to 55 (which was potentially on the cards when they went to bed), only to discover it had kept going causing them to panic and jump back on the train.

This brings me to a more general point regarding cryptocurrency trading – unlike stock markets, it’s characterised by the fact that trading goes on 24 hours a day. With lightspeed being a half Icelandic Scotsman living in Spain, I’ve often noticed that US dwelling traders are at a distinct disadvantage when significant events originate in China, but at an advantage when they originate in Europe. In other words, of the 3 big trading areas – Asia, Europe and US, it’s the one next door to the originating event that’s awake when it impacts on markets.

Prognosis for the rest of today and tomorrow:

Today’s double spike also manifests itself in the 4 hour chart and this caused an otherwise converging MACD to go parallel again, pointing to the upside, so we should be good for at least 6 for the time being. However liquidity on the ask side remains reasonably thick so I don’t expect any bullruns to 8 for now. Charts generally bullish but price seems likely correct now for the next few hours, possibly back to 66 where the main support starts. Following that, we need to see if another rally starts of if we go horizontal for a while. To me, everything says hold but please make your own minds up about that  

Today’s reaches are:

10,000 NXT: 6937 Satoshis
50,000 NXT: 6992
100,000 NXT: 7195
200,000 NXT: 7200
500,000 NXT: 7950

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

Original post on nextcoin.org forum:
https://nextcoin.org/index.php/topic,4467.msg41780.html#msg41780 (404 link removed)

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