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.

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.