NXTER.ORG

NXT Market Report 120514

May 12th 2014: 22:00 UTC – by lightspeed

Interim Report

Battle Lines Drawn @ 7500

**************************************************************************

Current market depth (BTER):

Bids: 2.4 Million NXT
Asks: 0.6 Million NXT

Source: Bitcoinwisdom. (NOTE: Altcoincharts and BCW do not agree at the moment, however the latter source appears unserviceable for NXT market depth)

Reach on BTER:

10,000 NXT = 7290 Satoshis
50,000 NXT = 7499
100,000 NXT = 7500
200,000 NXT = 7500
500,000 NXT = 8000

This evening’s 500,000 cashout takes us to 6725.

Prognosis: We appear to have reached the end of the “cool-off” period and the order book is bubbling again. The last 24 hours has seen NXT form the 3rd largest market on BTER after BTC and Doge with a trading volume of approximately 140 BTC over the day.

It’s a game of minnows and whales with little in between, however the whales are coming from both directions as today’s market depth shows. Despite the price rise since the last report we now have the half million buy available on the order book, so once again large holders are availing themselves of the new found liquidity in the market.

Battle lines appear to be drawn around the 7500 to 8000 Satoshi region and if the market manages to get to that level with sufficient liquidity then we may see some interesting action for a while.

Moving averages and their derivative indicators are still completing their bearish cycles with the shorter term ones starting to diverge gently to the upside. So what is suggested is:

[1] – a gentle rise to possibly 7400 or 7500

[2] – either a bounce-off back to 7000+ or a steady high volume exchange starting around 7500

8000 is still well over the horizon since it’s the other side of the 7500 battleground which may be bloody. Of course if sell walls are pulled then we could be spared the grey hairs, but that will only happen if the market gains confidence and possibly depends more on product fundamentals and media perception than charts.

As always, health warnings apply and with the small spreads available right now, attempts at accumulation are not recommended for the faint of heart or pocket, however some tuna sandwiches and your beverage of choice may enhance the spectacle.

Happy trading !

Postscript: There is desert today. Not directly related to NXT, however Bitcoin is the reserve currency in which all other alts are traded so I trust readers will agree that what’s significant for Bitcoin is significant for everyone else 

PPS: As background, long range convergeance-divergeance rate charts for Bitcoin are beginning to cross over with the 3-day having just done so for the first time since December. The very longest and most unambiguous is projected to turn around during June.

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

Original post on nextcoin.org forum:
https://nextcoin.org/index.php/topic,4467.msg43878.html#msg43878

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