NKN/USDT Inverse Head and Shoulders Update:Overview : The IHS pattern is underway on larger time frames, confirmed r/s flip on smaller time frames.
Analysis : NKN/USDT looking healthy with a decent influx of volume overnight. Expect more volume if larger time frames confirm continuation (at the earliest tomorrow, latest by Saturday evening). Our targets are more or less aligned with resistance levels. See chart for those numbers. If we use the most conservative calculations of a standard Inverse head and shoulders pattern, the final target puts us in the .08-.09 range. Profit-taking is encouraged along the way.
Deeper Dive : It is important to remember that BTC and USDT pairs have a symbiotic relationship. It is entirely possible that breaking resistance on the BTC chart will push the USDT pair through resistance lines indicated on this chart. The reverse is also true. There are several additional lines of resistance on the BTC pair, however, due to the strength and symmetry of the pattern in play on this USDT pair, I am expecting the USDT pattern to take the upper hand in a friendly BTC environment. If BTC changes course suddenly, manage risk, or walk away for a week.
Comments : The pattern is playing out very nicely, and should continue to gain momentum in a neutral-positive btc trading range. This pair has an overwhelming amount of potential in a healthy altcoin/btc environment. If BTC falls off course, or needs time to correct, be sure to include that in your trading strategy.
Final Note : The NKN team has an AMA August 13. The information presented and exchanged in that meeting should help investors understand the progress and future development of the NKN project.
Be safe, good luck!
"Every day is a little life, every waking and rising a little birth, every fresh morning a little youth, and every going to rest and sleep, a little death." -Schopenhauer
