Technical Analysis - Nexus 
NXS/BTC - 01/08/2020

 

As shown above, we will be updating the technical analysis of NXS/BTC from the 4th of December. 

 

Overview: 

As I had warned about careful bullishness at the huge candle and wick to the upside, so it was with a good reason. Usually, in itself, huge wicks to the upside are not a sign of strength. The down-trend continued and has reached our targeted area of support, yet has not shown any actual signs of strength yet. 

 

Update:

Being in this area of oversold conditions and continuing the sell-off with low to almost no volume, is an excellent sign of seller exhaustion and a possible soon-coming reversal. I would not be surprised if we even wick below the green line, especially in very volatile altcoin market days. Nevertheless, I would be looking to either start building a position or enter on a strong bullish engulfing, with hopefully no huge wick to the upside. The TJ-Index, which is very low and finally showing some signs of reversal, in a combination of the MKAST-Algorithm showing a Buy-Signal is indeed a quite strong mixture, which should not be ignored. Yet, an experienced trader would invalidate everything with a strong close below the green line. 

 

This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!

 



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