. There is a possibility of temporary retracement to suggested support line (0.31). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NEMUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
according to the fundamental news said that the bullish side of crypto market, will lasted until the 2024, we will see that huge amount of bullish movement in the xem/usdt. i hope that happen and we gain huge profit in the coming years.
Price action held price hold level beautifully at .618 level in this 2nd re-accumulation level, looking now to move up to around $.50 in the not too distant future. You might be lucky enough to get entry around the hold area of $.2458.
So, let's evaluate chart history, I'm not a fan of short forecasts, and we should look at broader patterns. To do this, let's try to build a Fibo channel on a weekly chart (with logarithm enabled, it's important) so that the ascending diagonal is 0 from which the growth starts.
1. The first episode. The price went up to 0.236 Fibo, and for some time sneaked over...
XEMUSD H16: 40% correction TOPPED OUT / SHORT RIPS (SWING)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup
::: XEMUSD 16hour/candle chart review/outlook
::: SWING trade setup for position traders ONLY
::: DIAMOND TOP pattern - very rare setup
::: BUT topped out for this cycle...