2 OPTIONS WITH NEM (xem)
Hey fellas, hope you are doing well, here is my review on xem/usd.
We have been free falling for more then 2 months now! I think we touched the bottom and won't go below 0.2 USD. We are moving inside a descending channel, which indicates a bearish trend. No doubt that we are in a hard bearish trend with no signals of reversing to bullish trend any time soon. Until the brighter tomorrow, lets set some targets! (I formed this channel on weekly chart)
OPTION 1 daily chart
We could see bigger bearish move and test long established trend line/support (ORANGE line) at the price around 0.2 usd. From there on we can move towards TARGET 1 (blue line) and TARGET 2 (green line) and eventually test the upper line of the channel. I would spread my sells between tg1 and tg2. Here we are looking at 40-70% move.
OPTION 2 daily chart
We move sideways for a bit and then shoot to target 2 (green line). Here we are looking at 20% move.
LONG TERM
On Weekly chart we can see RSI testing support. We can see a bounce from that level and test the upper line of a channel.
Wish you all good trading, do your own research before make any calls.
We have been free falling for more then 2 months now! I think we touched the bottom and won't go below 0.2 USD. We are moving inside a descending channel, which indicates a bearish trend. No doubt that we are in a hard bearish trend with no signals of reversing to bullish trend any time soon. Until the brighter tomorrow, lets set some targets! (I formed this channel on weekly chart)
OPTION 1 daily chart
We could see bigger bearish move and test long established trend line/support (ORANGE line) at the price around 0.2 usd. From there on we can move towards TARGET 1 (blue line) and TARGET 2 (green line) and eventually test the upper line of the channel. I would spread my sells between tg1 and tg2. Here we are looking at 40-70% move.
OPTION 2 daily chart
We move sideways for a bit and then shoot to target 2 (green line). Here we are looking at 20% move.
LONG TERM
On Weekly chart we can see RSI testing support. We can see a bounce from that level and test the upper line of a channel.
Wish you all good trading, do your own research before make any calls.
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