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***
