CAINAMOTPYRC

Yyuuuge steaming cup of NEM anyone..?

Long
POLONIEX:XEMBTC   NEM / Bitcoin
Looks like a massive cup and handle formed on the daily chart for XEM/BTC. The trend didn't follow the bottom of the cup exactly, but that is not required for a cup and handle formation. Right now looks like a falling wedge or bullish flag on the handle and we could see a definite breakout upwards toward the rim of the cup if it follows the trend line. If we follow the trend line and break above the rim, next target is the depth of the cup inverted, around 23k sats. It could also start a new trend line after breakout above cup. This analysis is mostly for my personal use to follow and see how this goes. I may join this trade when I see definite upward movement. We are hitting the trend line now so I am keeping an eye on it. Comments and thoughts are welcome, thanks. Good luck and be safe out there! Let's ROLL!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.