NEM (XEM) - Trend Reversal??
So Bitcoin's massive run pretty much ruined my idea of a big cup & handle. But I'm pretty sure it ruined most charts for long term projection, so is life in crypto.
In the short term, BTC may correct and I see NEM getting back in shape. This could be a very nice buy opportunity as NEM is very near it's previous floor and alts are now negatively correlated with BTC. The last major drop, alts were positively correlated. If you want to be a little riskier in the buy, wait for the drop down to resistance. I've already purchased though as I don't believe it will get there and it's not that great a savings.
In this chart, I'm mostly paying attention to support and resistance from a previous trend line. The RSI indicator is diverging from price action, which often signals a reversal in trend.
Let's see what happens. Regardless, I'm buying NEM on the cheap now.
In the short term, BTC may correct and I see NEM getting back in shape. This could be a very nice buy opportunity as NEM is very near it's previous floor and alts are now negatively correlated with BTC. The last major drop, alts were positively correlated. If you want to be a little riskier in the buy, wait for the drop down to resistance. I've already purchased though as I don't believe it will get there and it's not that great a savings.
In this chart, I'm mostly paying attention to support and resistance from a previous trend line. The RSI indicator is diverging from price action, which often signals a reversal in trend.
Let's see what happens. Regardless, I'm buying NEM on the cheap now.
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