Trade Recommendation: NXT

Based on the 4H chart of NXT we see that market moves upward in the borders of the ascending channel. After reaching 0.180000 level, the price reversed and dropped to a support level. We can spot a good reversal zone formed by the trend line of the ascending channel and 0.125000 support level. If the market reaches this zone and bounces, it will be a good buy signal based on a reversal. But also we can entry the market based on a breakout signal.

We have a bullish candle which should be used for placing pending orders for buy above the high. This variant will be better for entry because RSI already reversed in the oversold zone. It tells us that the market can start upward movement without reaching the trend line. In order to catch this price movement, we should trade based on the breakout signal and if the market drops to the reversal zone, we’ll just add some volume for our long positions. If you don’t use leverage, recommended trading volume for this trade is up to 3% from your deposit.

Buy: 0.142400
Stop: 0.119000
Profit Targets: 0.180000

The trading signal is based on Poloniex chart.

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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.