NEM
XEMBTCThe first small correction after few days of stable growth could be the second wave of Elliott Wave Principle.
NEM (XEM) Rises As Coincheck Commences Refunds
Take a look at this beautiful chart for XEM. Each candle represents a 4-hour time segment. As you can see, it is moving upward on a tight channel (cyan) that began on around March 10th. Previously to that, it was also moving upward on a channel that began somewhere around March 6th-7th. At this moment it is completing the 3rd wave of its current Elliot Wave impulse rally. This coincides with the intersection of the (cyan) channel's support with the (yellow) channel's resistance. This could mean a premature correction that could prevent us from reaching our target of $0.50 due to a lack of momentum (specially when you consider the current region of the Keltner Channel (blue) that XEM is currently cruising within. On top of that, it's clear that we are far above it's EMA(55) and a retracement is due. Retracement once full Elliot Wave correction is completed should coincide with a fib level, and in this particular case it seems to me like it'll retrace to 50% to coincide with the bottom Keltner Channel for healthy movement as well as with the support of the (yellow) channel. The RSI is also showing we have recently entered overbought territory and this should also trigger a sell-off from the bears.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***
Weekly review of 10 major cryptocurrencies 5.03.18 - 11.03.18Last week, the main cryptocurrencies noticeably lost in price. Bitcoin completely lost the achievements of the previous week and returned to $ 9,500. BTC’s share in total capitalization increased to 41.8%. The decline lasted all week, except for Sunday.
The number of billionaire-coins decreased to 24, and their total number (according to coinmarketcap.com) increased to 1556.
The total capitalization of the cryptocurrency market decreased to $ 386 billion.
Bitcoin for the week fell by 17% from $ 11,500 to $ 9,500, minimum being at $ 8,300.
On the weekly chart, the rate fell below the slow and fast moving averages that crossed, giving a long-term signal for sale.
On the daily chart, "Crossing moving averages" also returned to sale.
Thus, Bitcoin remains in the consolidation of $ 8000- $ 12000. At the same time, while quotes are below $ 10,500, further downgrade is quite likely.
Ethereum for the week lost 17% off the price from $ 866 to $ 720, minimum being at $ 630
The way out of the decaying consolidation is downward on increased volumes.
With a rate of less than $ 800, further downgrade is more likely.
Ripple (XRPUSD) lost 19% for the week, going from $ 1 to $ 0.81
Exit down from the consolidation. The rate fell below the slow moving average on the weekly chart and below the important support level of $ 0.9.
Further decline is more likely.
BCHUSD for the week fell by 10% from $ 1,280 to $ 1140, minimum being at $ 914
The sell signal from the Moving Average Crossing on the weekly chart.
Further gradual decline is more likely.
Litecoin fell by 11% from $ 212 to $ 188, reaching a minimum of $ 154
Consolidation without an explicit trend.
DASH fell by 14% from $ 617 to $ 530, minimum being at $ 425
Crossing moving averages is on sale on the weekly chart.
Further decline is more likely.
NEM for the week did not change, remaining at $ 0.35
The rate fell down to a strong support zone, which so far stopped further downward movement. However, there is no rebound.
Most likely, the gradual decline will continue.
Monero for the week fell by 24% from $ 368 to $ 280 reaching $ 240
Heights achieved a week ago were completely lost.
Consolidation near the current price is most likely for this week.
NEO for the week fell by 25% from $ 120 to $ 90 reaching a minimum of $ 79
Not keeping with the fast moving average, the rate fell to a slow average. Most likely a consolidation between the averages will continue ($ 80- $ 120)
IOTA fell by 28% from $ 1.90 to $ 1.37 minimum being at $ 1.14
A sell signal was received from the Moving Average of the weekly chart.
This week, consolidation over the $ 1.1 support level is likely
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XEMBTC retrace to Minor Bull TrendIt seems as though XEM may be retracing after moving aggressively to the upside.
Minor Bull trend is rendered stable, however; if bearish momentum is held strong we may bounce off that trend slightly thus creating a head and shoulders. Will keep updated.
0.000042 would be an ideal buy zone.
A break and close below may send us to 0.000035
Daily time frames demonstrate bullish behaviors
NEM calms investors and grows furtherCoin of the day is NEM.
Recently formed by NEM rebound pattern develops further.
The decline in NEM value over the last weeks was provoked by the hack of the Tokyo based cryptocurrency exchange Coincheck.
There were two main reasons for the concerns: that Coincheck will not return the stolen funds and the fear that the stolen NEM's (XEM) would be dumped into the market and drop the price. Both these fears were dispelled, the exchange started to return the funds and realization that the stolen money could not harm the NEM market given its large capitalization calmed investors.
From the technical view, the pair is showing a sustained uptrend for the last days and established a bullish trend line support. The 0.00004 level was broken and turned into support. From the upside, the 0.00005 level and the 100-days EMA will be the next targets if the bullish scenario will continue to develop.
NEM. -50%.NEM’s rate was not satisfied with the first reduction target, which we wrote about in the previous review: $ 0.40
And fell to the minimum at $ 0.26.
Now there has been a corrective rebound.
The technical picture remains bearish. And we recommend using this rebound to open short positions.
For this, you can use the region of $ 0.35- $ 0.40
Former support has now become resistance.
The goal of the decline is the historically strong support level at $ 0.2. So from $ 0.4 it’s -50%
Cancellation of the idea is in case of receiving a buy signal from the MA cross (for this the price should rise and remain above $ 0.4)
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NEM found a bottom?Coin of the day is NEM.
Nem was trading in the downtrend for recent time, and it seems that the coin has finally found the bottom at the 0.00003 level. Dive to the 0.00003 level still fit in the global uptrend, so it could be a good place to buy.
From the bulls:
XEMBTC broke above the Bearish Trend Line and pushed upwards from the 0.00003 support. Growing volumes support the bullish tendency. Potential profit if the bullish phase starts now is very high.
From the bears:
In comparison to the massive and consistent downtrend, the turnaround pattern should be much larger and significant. If this is the beginning of such construction, then the breaking of the 0.00005 resistance and 100-days EMA should prove it. Before these signs - the turnaround scenario sounds week.
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It was in deep, and broke trend line.
i don't use stop for this, hold for long term.
$NEM Nearing BottomAfter all the FUD begins to settle we will be seeing continuation.
We just finished the ABC retrace out of the previous market cycle and landed back on support of the 1 wave.
This is a classic .88% retrace which is familiar inside altcoins.
Oversold on the 12hr RSI.
We need to see how prices react to the .88 but overall im bullish.
If we fall lower than the .88 a full retrace will be likely.
What's next? Lesson from the past.I think this downtrend tend to be much longer. But how long will last?
Let's see the last deep correction (much deeper than 60%) of XEMs bubble in the past, and RSI indicator behaviour (in second half of 2016).
What we need on XEMUSD chart now is much more divergence on RSI. For now there is no divergence so it should be created by market players. It should be accumulation phase before new bubble scheme.
XEM/BTC possible breakout!New Economy Movement aka NEM showing signs of life! If we can close above the triangle on a daily candle, we'll probably see an explosive breakout. When breakout occurs, I will update with targets. Huge potential in the long run, still very undervalued IMO!!
Any comments are welcome
CoinLoop AI Signal: New Economic Movement (XEM) - BUYNEM ( XEM ) · Loop A.I.
Indicator: Sell volume slowing. Price approaching major support. Positive social sentiment returning.
Signal: Likelihood of price increase: 70%
XEMBTC has limited bearish potential:bullish biasPrice action in XEMBTC (NEM) from the May 22, 2017 high of ~0.00013911 down to a low of ~ 0.00001128 (on Dec. 8, 2017) is corrective i.e. a 3 wave move in this case that I have labelled as an A-B-C Elliott wave structure. This implies either at least another 3 wave move back up or the resumption of a bullish impulsive wave.
Price swing upwards from the Dec. 8, 2017 low up to a high of ~0.00010264 on Jan. 4 2018 was rather another correction
(3 wave move), and not impulse move. The current price swing downwards from the Jan. 4 2018 high is either wave (C) (to be labelled capital letter and in pink) or wave B ( capital letter and in red).
Either scenario implies the resumption of at least another 3 wave move back upwards or impulsive move. Since both scenarios point upwards(bullish), XEMBTC should be considered for a long position (bullish).
Support 1 (between 0.00003263 and 0.00002451) is a likely target for the current downswing in price and if price breaks through Support 1, Support2 (between 0.00001244 and 0.00000235) would likely offer a floor for XEMBTC.
Assuming a scenario where price continues to sell off and reaches Support 1, buying a break out after consolidation at Support 1 (e.g. at ~0.00003271 and placing the stop loss below Support 1 e.g. 0.00002447 would give a risk = 0.00003271- 0.00002447 = 0.00000824
Reward = 0.00006858 (Bottom range of Target 1) - 0.00003271 = 0.00003587
Risk/Reward ratio = 0.00003587/0.00000824 = ~4.4:1. Use of a break out above Support 1 as explained above for example and using the bottom range of target area 2 to take profit will give a risk/reward of ~7.3:1 . Use of the bottom range of target 3 to take profit gives a risk/reward ratio of ~10.4:1
Range for Target 1: 0.00006858 and 0.00007573
Range for Target 2: 0.00009321 and 0.00010503
Range for Target 3: 0.00011808 and 0.00013852
Does XEM pull back or not?1-Week Chart:
The weekly XEM chart shows more closely the 50-week moving average are the primary resistance levels and 100EMA is strong support for this bear market.
Earlier in the Febuary the XEM fell through support at the 5k level down to the 3.6k area. I think the XEM price can reverse course and push through the 5k level and then create the small descending trend line. There is resistance at the 5k and the 5.5k areas that need to be overcome.
From the chart, it looks like the price will continue to fall to test 3k, possibly the 2.5k levels and the 100-week moving average as support. It will be a number of weeks before we see a test of the 20/50-week moving average. To accomplish this, volume needs to be above average.
RSI is below 50 level. If it can rise above that level and stay there, then it will be a sign the uptrend. The MACD turned down through the nine-week moving average, a sell sign and it is still trending down, which is a negative sign.
3-Day Chart:
I expect we might be seeing the formation of a minor support level at the 3.6k area. Volume remains at low. The indicators are alomost at low points where they are more likely to move up giving a buy signal.
Right now the RSI is below 50, a sell sign. The MACD crossed through centerline and it turned down through its 9-day moving average giving a sell sign.
While volume is below average, the market need a spike to start uptrend.
1-Day Chart:
The daily price chart is a bit complicated as the RSI says the market is oversold. There is resistance at the 5.5k level and then the 20/50/100-day EMA line. Right now, volume has been trailing off, which is not a good sign for the market. Watch for above average buying volume as a sign the XEM will change the trend. Otherwise, we should expect a pull back.
RSI is below 30 indicating that the coin is on the oversold territory at least 8 days. The MACD is at a low point where it normally turns up. This means we are more likely to see a spike in the near future. These are the signs that the market is oversold, yet it can continue to fall for a while.
The XEM price is starting to set up a basing pattern, which is necessary before it can start a new bull market. Horizontal support at the lows and horizontal resistance at the highs form a basing pattern. This is a positive longer term and creates buying opportunities on price dips.
4-Hour Chart:
The 4-Hour chart shows the pause at the 3.6k level that began in late February. The break through the 3.5k level will indicate the downward continue. The next support is at the 3.3k level, which can being tested. Average volume has been declining,this is a normal situation before the price can start rise up.
RSI is below 50 indicating the downtrend. The MACD is turning up to the zero level, that can give us a buy sign.
The indicators are telling us the downtrend remains in tact,though they are nearing low levels where they normally signal a uptrend. It will be important to monitor the average volume, MACD and RSI, to gain an understanding of how the trend proceeds from here.
Conclusion:
I want to discuss the recent news about "Coincheck NEM Hack". At first, every exchanges have closed the XEM wallet, this is mean that hackers cant sell their NEM directly at exchange to destroy the price. Secondly, if the wallet closed with mean the other XEM holders cant deposit their digital asset to exchange until the situation with the stolen XEM is not solved. So we have a limited supply of XEM at exchanges which can be used to manipulate the price on the future news.
The hack is allways bad for digital assets because this is a cause of stress for investors and holders. I hope the XEM dev team will find a way to talk with hackers to back stolen funds.
For me strong signs are 100EMA support at 1W TF and Oversold at 1-Day chart.
N E M (XEM)XEMBTC
See clear zones of demand and supply
We see the pair of triangles
The active zone is the target for short-term trading from the level of 78.60% Fibo
In long-term trade - we approach to the demand zone
NEM to range short term NEM ($XEM) broke below support about 2 days ago but showed strong volume on 2/28. A close above 0.00003997 could have the price range 0.000039-0.00004323.
NEM/BTC tentatively, in bearish conditionNEM/BTC trend still in sideways, possible maybe to bull up after the resistance break out, tentatively, however, if the breakout of the support, it will result again another retracement.
NEM. The first goal of a consecutive short was achieved.In the previous NEM review, we proposed the idea of a short from $ 0.65- $ 0.75 with a target of $ 0.40- $ 0.35
$ 0.65 was achieved and now the first target at $ 0.40 is reached.
Unlike many other cryptocurrencies, NEM was unable to draw a buy signal from the MA cross on the daily chart.
Volumes of the decline are clearly increasing.
In general, signs of a reversal are not visible.
So you can keep at least part of the short positions.
Moving averages just as the resistance level decrease and now around $ 0.5
Support is still at $ 0.35 and $ 0.20
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Longterm NEM/XEM viewNEM/XEM is a good coin for longterm holding. Should be accumulated at area around 50cents (25%-33% of planned money to invest), 20-30cents area (25-33%) and at around 10cents (50-33% of planned money to throw in). Problems with recent coinchecks hack, and generated from other exchanges (having like bittrex problems with going online with deposits, they are so lazy to change their wallet to multisignature and introduce mechanism to not receive stolen XEMs) giving a good chances to get XEMs so cheap as possible. First goals after accumulation phase (i think this phase should be to april-june 2018) is target around 4$ or little higher. In wider longterm period (1st Q of 2019) the goal for XEMs quoting in USD is around 60$ (no it's not typing mistake 60 american dollars!). See You in the future, dont forget to buy this tickets, before another one ride to the stars;)
