Technical Analysis - Nexus
NXS/BTC - 04/23/2020
As shown above, we will be updating the Technical Analysis Update of NXS/BTC from the 6th of March, 2020.
NXS is currently still inside of congestion. It is swinging nicely and following a specific direction correctly. Now, we can see an explicit sideway action which has broken down or time pushed the most recent uptrend support. This is obviously not a bullish sign, especially with it comes to the immediate failure of the possible ascending triangle, which was set up. Seeing the breakdown of this support, a test of the range lows become very likely.
Looking at the MKAST Algorithm, we can see a beautiful confluence of the breakdown. The Sell Signal has appeared and with it the confluence for further downside from here on. The only thing that is speaking against it is the TJ-INDEX, which is at 0 and flashing an oversold condition. Last time we had this specific combination, we had some sell-side drawdown before actually going for the re-test of the range lows again. Here it is still important to mention that most impulsive moves happen in oversold and overbought conditions. The Volume currently is not particularly high or, if any, significance, which does not support the bullish scenario of testing resistance before support. An experienced trader would look for trades at the range lows.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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