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.
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.
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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