On weekly chart, XEM/BTC continues into second week of net loss. The reversal from previous week transform the downward slope into a flatter channel. Nonetheless, NEM is trading in a long term bearish pattern formed from June/July last year. Meanwhile, Tenkan-sen “Conversion Line” is floating over Kijun-sen “Base Line” amid the width had been closing for the past 7 weeks. MACD lines are flatter suggesting the trend is cooling down. These further enforced with signal line stays on tops in the MACD indicator.
Based on market data from Poloniex, XEM was pullback and heading south since last week breaking the short term northward channel. On Ichimoku Kinko Hyo on daily chart, XEM is still unsteady as the trend the slower conversion line is still trailing underneath base line.
Important XEM/BTC price levels to watch,
Year High – 0.00000710 (February 03 2017)
Year Low – 0.00000285 (January 5 2017)
NEM (XEM/BTC) price was down -5.8% yesterday as Bitcoin price passed 1,100 mark. The total volume reached the highest in 2-weeks with 97.55BTC in Poloniex exchange. The price currently trading higher at 0.00000524. Meanwhile, the quoted last done price was at 0.00000577 on HitBTC and Bter latest traded at 0.00000667 in a quite market.
On the shorter 60-minutes chart, the MACD line in on the rise indicating the return of buying interest. But the sign is not particularly convincing. Thus, the price most likely to test the resistance zone of 0.00000589 (0.236 Fibonacci Retracement Level) and return to the rangebound channel in between 0.00000728 and 0.00000555.
Some Critical Price Levels for the Short Term Based on Fibonacci Retracement Approach
R1 – 0.00000589 (0.236 Fibonacci Retracement Level)
R2 – 0.00000612 (0.382 Fibonacci Retracement Level)
R3 – 0.00000630 (0.5 Fibonacci Retracement Level)
Crucial Support Levels
S1 – 0.00000550
S2 – 0.00000535
S3 – 0.00000510
Trading Idea : No short term trade setup. XEM/BTC is mostly to trade in the horizontal sideway channel for the immediate term due to the strenght of BTC and the muted market.
But remember set take profit and cut lose ratio to 3:1.
NEM #XEM Links
⇢ Official NEM Website
⇢ NEM Wallets
⇢ NEM Nodes
⇢ Twitter @NEMofficial
⇢ Reddit r/nem
BTC Exchanges and Charts With NEM #XEM Trading
✘ Hit BTC
Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from HitBTC and Poloniex.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.