TheTradingWoodworker

Dubious Speculation: XEMUSD LONG

Long
BINANCE:XEMUSD   NEM / US Dollar (calculated by TradingView)
* Very dubious speculation.
* Nonetheless, XEMUSD's behaviour during this BTCUSD bullrun is very similar to the previous.
* XEMUSD's behaviour during the 1st half of this BTCUSD bullrun and its behaviour during this mid-cycle consolidation period--temporal milestones as measured per BTCUSD and NOT XEMUSD--are both very similar to that of the last BTCUSD bullrun.
* Fundamentally, XEM is facing many problems, and XEMUSD will probably not hit the top of the channel by the end of this bullrun.
* However, there is a probability that it may hit mid-channel.
* If history is any indication, and XEMUSD follows last bullrun's Fib levels, then (and serendipitiously) both Fib and mid-channel meet at $4.99.
* For a decent chance of this thesis materialising, watch the weekly RSI .
Comment: This seems to be playing out on the daily. What a sleeper coin.
Comment: * The MAs crossed in the correct order on 31 Oct'21 (8D SMA over the 20D EMA over the 20D SMA).
* Since then, XEMUSD has been bouncing off the 8D SMA.
* Things seem to be aligning.
* Is this the beginning of a more serious pump?
Comment: Wakey wakey...
Comment: It is of note that XEM appreciated against ETH during the recent mini dip. The weekly MAs are getting bullish. But damn, what a laggard!
Comment: Just posting an analysis from https://www.tradingview.com/u/KavehTorab... which provides a similar thesis, but from the BTC perspective.
Comment: Let's be patient and see if Harlock will allow us to break the trendline established since May'19. See how it turned from resistance to support during end-20 to early-21 prior to the XYM fork.
Comment: Very surprisingly and interestingly, both parallel channels have held.
Comment: Thesis invalidated.
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