Technical Analysis - Nexus
NXS/BTC - 03/06/2020
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As shown above, we will be updating the technical Analysis of NXS/BTC from the 10th of February.
NXS is performing very well since the last update. It made one big spike just a week after, which was followed by mild retrace, enabling to “refuel” on, to see another spike, which exceeded the previous one. The next one should finally be an actual break out and a rise to the snapshot ATH.
Looking at the MKAST Algorithm, we are still nicely following the buy-condition, where a change to this one does not seem near. The TJ-Index is still slowly grinding up and rising steadily, which indicates strength and further confirms the possible bullish bias is expecting a breakout. The Volume is strong on the pumps and green candles, whereas it is rather low on the retraces. This shows that NXS is getting bought in big chunks and comes back down just due to an illiquid orderbook mainly.
All in all, trades are reasonable and connected to a good Risk Reward Ratio as long as it is below the green key-area. A breakout and healthy trend continuation are moderate. Only a clean close below the blue horizontal support would invalidate the bullish bias.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!