Cryptocurrency
by Seth Parker on May 29, 2018

NXT Analysis – We do not have any good news here

Today we will change our analysis a little bit. So far, all of them were the coins against the USD. Now, we will show You few examples of altcoins quoted against the bitcoin. It will be a great opportunity for the people that are buying cryptocurrencies using BTC, not the USD.

NXT Chart

The first one will be the NXT, which is a coin for the advanced blockchain platform, which offers a crowdfunding and ICO platform along with the Blockchain Creation Kit. When looking at the chart, we can see that entering with a long position here is not the best idea on the record. The price is in the channel down formation (red lines) and few days ago, broke the mid-term up trendline. What is more, NXT already tested that line as a resistance, which increases the bearish chances for the success. Currently, we are above the green horizontal support, which may bring us a relief but should be eventually broken.

The current target for now are the lows from March and chances that we will get there are relatively high.

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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