This pair seems to be inside a consolidation flag, and it could head two ways that I pointed out on the graphic. RSI shows that there's still room for growth in this market, and considering that BTC is currently going into a correction phase, it wouldn't surprise me if price breaks the downtrend line and heads towards resistance. The 1.12 dollar level could be a good entry point if price breaks the uptrend line and DMI+ confirms upward moving, and then we'd be looking to a gain of possibly 12% gain if it hits resistance and you wanna leave at that point.
I understand the fact that there's no exchanges currently trading XEM/USD but with bitcoin dipping in price we could use this pattern to analyse the XEM/BTC pair. I'm just starting to make analysis, hence why I don't feel confortable posting analysis regarding pairs with BTC because it's behavior is hard to predict.
Let me know what are your thoughts on this and if you think i've made a mistake feel free to correct me.
Peace,
Daniel
I understand the fact that there's no exchanges currently trading XEM/USD but with bitcoin dipping in price we could use this pattern to analyse the XEM/BTC pair. I'm just starting to make analysis, hence why I don't feel confortable posting analysis regarding pairs with BTC because it's behavior is hard to predict.
Let me know what are your thoughts on this and if you think i've made a mistake feel free to correct me.
Peace,
Daniel
Comment:
Price broke the uptrend line instead of the downtrend line and tested the support all the way back to fibo 0. But the buying pressure was such that it bounced right back into the consolidation pattern. Keep an eye on this coin, could be heading towards higher levels if consolidation/accumulation phase maintains good volume.
Comment:
The 12% profit in the short term trade was possible if you entered at the 1$ level and sold at the resistence level i mentioned originally