orbsatchel
Long

XEMBTC NEM Big move ahead!

POLONIEX:XEMBTC   NEM / Bitcoin
NEM             is making all the right moves!

Things to note:

moving average cross in small purple circle presently coming.

ABOVE THE 20/50 period moving average!

RSI high on daily and can go higher according to past.

Look at December on the left. The moving average cross and high RSI did well. This might pan out same now.

What happened on March 10-12th? The 50 moving average acted as resistance and the 20 was below 50 so it was a clear bear market.

I drew fan lines for resistance. Check out John J. Murphy's TA book on this. I excpect to consolidate and restest the highest fan line resistance. IF WE BOUNCE OFF THE 20-50 to the upside bear market is over and moon boots time!

WHAT'S DIFFERENT THIS TIME????

VOLUME . Volume is second in importance next to PRICE in TA. We had a HUGE boost in volume to kick off the rally, right now it is anemic in comparison. If we break through the .618 fib level then everyone might wake up to this.

Red lines are support that is now resistance...

Comment: If you bought this it is not good it is falling but it is healthy for the movement of the chart. Look for a bounce at the red line or we go much lower. It's exactly what looked like would happen. After this moon?
Comment: RSI usually will give you a little tell before the move happens. I think here there was a maxing out feeling and roll over. We bounced neatly on the 50 ma and frankly I would rather buy this when RSI is at 25 and oversold as we may go there, right now is 38. 3990 would bounce at prior trend and lower resistance. Or we rip from here but with BTC waflling and in a rally it is too in the middle for me.
Nice. Lets hope that fib level is crossed and we get the volume. (Side note: I love Murphy's TA book!)
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@DHF82, Agreed! The candelstick book by Nisson and the Murphy book have helped so much!
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