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Cryptocurrency
by Seth Parker on August 7, 2018

Next Analysis – New lows are very close

Second piece of the day is about the NXT, which for the last time was mentioned on the 18th of July. Back in that day, the price was one step from the major buy signal”

“Currently, the price broke the down trendline (orange) and is trying to create a double bottom formation. That would be a nice buy signal but for that, we need to see the breakout of the yellow area first. We are testing it right now but Price Action rules say that we need to see the price closing a day above that level, after this, you will get a confirmation and you will be able to open a long position. „

next chart

Another important lesson showing the awesomeness of the price action. In this style of trading, you do not predict what will happen but you are waiting for a certain action to happen and react based on that. NXT had a chance for a buy signal but failed to break the orange area, which was a strong signal to go short. You know, failed opportunity is an opportunity to go to the other side.

Currently we are on the lows from the middle of July and we have bigger chances for a further drop. New sell signal will be triggered, once the price will break the green support. As for now, this scenario is very probable.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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