NXT is a coin where TA doesnt work, fundamentals are driving it
NXT is a great platform and idea that I wholeheartedly support, but feelings dont make money in this field. NXT is going to have big fundamental events in the next 1-7 days so TA wont be of much use here for now. They have an ICO starting at 6:45 UTC 8/5 which will continue onto 8/12. Many people feel that they will receive "free IGNIS" during that snapshot, which is only partially true (im not going to post all the info here until i clear some positions).
Anyways, people will be holding NXT until at least ICO start time and then who knows what will happen, my guess is that there will be a big selloff (maybe not all at once, but spread out over 24-48 hrs) and it could potentially drop it to the .618 FIB line at 4500 or worse to around the 3950 line. If you are looking to sell positions there will be NXT accumulation and holding for the next 12 hours, I believe it can potentially max out between the 6500-7000 range so I would hold until it gets there. Coincidently it it breaks below the 5290 support with volume I would recommend to have some stop losses in place.
Anyways, people will be holding NXT until at least ICO start time and then who knows what will happen, my guess is that there will be a big selloff (maybe not all at once, but spread out over 24-48 hrs) and it could potentially drop it to the .618 FIB line at 4500 or worse to around the 3950 line. If you are looking to sell positions there will be NXT accumulation and holding for the next 12 hours, I believe it can potentially max out between the 6500-7000 range so I would hold until it gets there. Coincidently it it breaks below the 5290 support with volume I would recommend to have some stop losses in place.