From this point onward XEM/ BTC could start a long term uptrend, but perhaps its a little too early to talk about this with confidence. Price stays within the and break above the downtrend trendline could be a strong confirmation of the upcoming uptrend. After the breakout NEM could reach first strong resistance at 38.2% applied through the all-time high, that is 7000 satoshis.
Break and close below the uptrend trendline should invalidate outlook and might result in a downtrend continuation, therefore it is reasonable to stay cautions. Having said that, the probability of the uptrend at this point remains very high.