Technical Analysis - Nexus
NXS/BTC - 02/10/2020
As shown above, we will be updating the technical analysis of NXS/BTC from the 8th of January.
As warned in the previous update, we have seen the continuation of the somewhat exhausted and oversold downtrend. This is one of the main reasons why the confirmation of a new trend starting is so important. The downtrend picked up on volume and tested the All-Time Lows again. Yet, right now, we are starting to see a change in the Heikin Ashi trend, coming with further confluence for an actual trend change soon.
As mentioned above, we are finally seeing the Heikin Ashi trend change from red to green, which is in itself a bullish sign after such a long-lived downtrend.
Coming with it, we see the volume on these green candles rising slowly above the volume MA, showing us that a significant amount of buyers is actually stepping in at the local levels. Furthermore, we are getting an early warning sign from the MKAST Algorithm, which is showing an early Buy-Signal at these levels. When we look at the past performance of the signal, it is highly likely to see an actually significant trend change this week.
The TJ-Index is as well rising slowly and up trending in rather still low levels, giving it space to grow and increase more until it reaches overbought conditions.
All in all, the downtrend seems to break, and there is a good reason to expect a reversal. The local levels are where an experienced trader would look for a trade.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!
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