NXT has been performing exceptionally well against Bitcoin, in fact, it is one of the top gainers today. During the past 24 hours, NXT/BTS went from 900, up to 1400 satoshi, gaining around 50%.
This tendency is very likely to continue as NXT/BTC found the support at 700 satoshi that has been rejected. After that price started to rise and broke through two descending channel. Today it is breaking above the 200 Moving Average showing the strength of NXT over the Bitcoin. Not to mention the bullish divergence formed on the MACD.
The Fibonacci applied to the corrective wave after the channels breakout shows that there is very strong resistance at 2300 satoshi area that corresponds with 23.6% Fibonacci retracement applied at the all-time high and the current support.
This tendency is very likely to continue as NXT/BTC found the support at 700 satoshi that has been rejected. After that price started to rise and broke through two descending channel. Today it is breaking above the 200 Moving Average showing the strength of NXT over the Bitcoin. Not to mention the bullish divergence formed on the MACD.
The Fibonacci applied to the corrective wave after the channels breakout shows that there is very strong resistance at 2300 satoshi area that corresponds with 23.6% Fibonacci retracement applied at the all-time high and the current support.
Comment:
Target reached, correction is likely
Comment:
After this correction could be another wave up, but break above tresistance is required
Trade closed: target reached