Tonni77

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comment 143
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Recently, NIL$NIL experienced a very big bull run that has been followed by a match out run. A little sideways move and a large impulsive move up to a local high before it made a large drawdown and settled around the middle of the impulsive highs. The current action reflects the uncertain nature of the market with a lot of volatility, there seems to be a price floor and now that it has gone on a run, there should be some sort of equilibrium.

The essential area of support appears to be setup between $0.0640 to $0.0700 this present situation. It was a stopping place on the up walk of the line and this is now the main space of the present building. The counter play of any gains from the moves already made in this range will be of great importance to the buyers, and maybe a secondary move.

If the price is able to hold onto and rally above $0.06800 there has been an indication of a bull to bull trend that is pointing towards retesting the $0.1050 to $0.1150 resistance area of the past recent trend. But a move past the $0.06200 price point will most likely indicate that the ongoing bull market has just come to an end and that the cryptocurrency will continue to roll back toward the current consolidation of the $0.0450 - $0.0500 price point. This would dampen the bull-flavored mood which has infected the past few months.

If at the moment, as well as on the chart there is a large upper wick, it indicates that there is strong sales and high profits on the upper levels. This is the typical pattern as the move has been towards the higher levels from the May lows, however, there is no particular buy level around this area and further low pressure can be in the cards. Unfortunately, it is not a good idea to turn into the market as soon as it touches a support level and the prices have restarted the uptrend until all the indicators point towards restoring the uptrend.

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