I'm updating my last analysis from a more bullish view to a less bullish view on $NU, changing the original target of $3 in September to a more conservative target of $1.04.
The reason is because the market overall looks to be in a corrective structure rather than an impulsive one.
So I think the more likely scenario is that we form a double top (or bearish bat pattern) at a little over a dollar and that sets us up for a larger correction where we correct until March 2022.
This would better coincide with my view that BTC makes a lower high on this bounce, and then falls further down to $10k around March 2022
I'm keeping the same time period as my original analysis-- what's different is I don't think we'll make a new high on this attempt. If this were to play out, I think many people would think this is just the first leg of an impulsive move and we'll continue higher, but be careful if we don't break $1.14 on the way up, as that would set us up for a larger correction than the one we just had (likely finding a bottom somewhere around $.07 in March/April of next year). If we break $1.14, then I will create another analysis with new price targets.
Key pivot dates and resistance levels on the chart. $.67 is the key bull/bear level at the 50% retracement line.
The reason is because the market overall looks to be in a corrective structure rather than an impulsive one.
So I think the more likely scenario is that we form a double top (or bearish bat pattern) at a little over a dollar and that sets us up for a larger correction where we correct until March 2022.
This would better coincide with my view that BTC makes a lower high on this bounce, and then falls further down to $10k around March 2022
I'm keeping the same time period as my original analysis-- what's different is I don't think we'll make a new high on this attempt. If this were to play out, I think many people would think this is just the first leg of an impulsive move and we'll continue higher, but be careful if we don't break $1.14 on the way up, as that would set us up for a larger correction than the one we just had (likely finding a bottom somewhere around $.07 in March/April of next year). If we break $1.14, then I will create another analysis with new price targets.
Key pivot dates and resistance levels on the chart. $.67 is the key bull/bear level at the 50% retracement line.
Kommentera:
Updated analysis here:
There is also a chance that price goes to $3 instead of $1. The signal will be a break of $1.14. It will need to break resistance at $2.09 for it to set up $3.
I'll continue to update this over the coming weeks as price action develops.