Trade Recommendation: NXT

The market corrected the previous upward movement. The price dropped to possible reversal zone formed by 0.786 Fib level and SMA50. This zone can stop and reverse the market and it’s good for buying. RSI is at the oversold zone and it confirms price reversal. DMI allows opening long trades. This signal could be supported by MACD, but it still confirms downward movement. If you need an additional confirmation for buying, you should wait for MACD histogram reversal. But it’s possible to place buy orders based on the existing signals confirming price reversal. Entry level is 0.750000 with stop orders at 0.420000 level. Profit targets are 1.250000 and 2.000000 levels. The part of trade volume can be left for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Buy: 0.750000
Stop: 0.420000
Profit Targets: 1.250000 and 2.000000

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in NXT.

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.