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.
Profit Targets: 1.250000 and 2.000000
The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in NXT.