XEM a change to get rich!


For today, we will look at the charts of XEM. We grabbed the daily chart in both BTC and USDT pairing. Against USDT it is sitting at an ATH and there is not much more to tell than the extended fib levels which could start to be possible resistances. The rsi is in the bullish range and is currently testing the ema. A small retrace and further up will not surprise me.

On the BTC chart we see that the ema's have crossed bullish and a level has been broken. This level (1395) would now be a great place for a long position to go to the next resistance at 2080. The rsi is running in a nice line up and manages to stay above the ema time and time again. Looks pretty strong. We will do the rest of the analysis on the BTC chart as we have some more historical data there.
Daily chart: https://www.tradingview.com/x/VzyfPH6S/

Here we see the price standing at the beginning of a wonderful entry point namely the fib retracement level 0.618 and with the golden pocket behind it this zone extends to the horizontal at 1395. Should we spot reversals here then the ultimate target of the move is the upper level at 2080.

The ema's are bullish and should the price start to drop into the GP then confluence could occur with the eema55 and maybe the 100 as well. The rsi is currently showing some weakness and a drop to (low) in the GP could also be very possible.
4h chart: https://www.tradingview.com/x/TcrqBi9m/

The 1h chart shows a falling wedge in which the price is currently experiencing resistance from the ema55. The rsi is also falling further and is moving below the two indicators, the 50 level and the ema.
1h chart: https://www.tradingview.com/x/I23YWQyD/

Conclusion:
In the short term, I think the price will fall a little more into the golden pocket to a maximum of 1395 and then continue to rise. The best thing to do is wait until you have confirmation of this by means of a structure break or breakout plus retest of the falling wedge. Resistances we may encounter are 1774 - 1964 - 2080. The possible resistances on the USDT chart are 1.07 - 1.47 - 1.87

 

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MrCoingrats
MrCoingrats

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Technical analysis by Mr. Coingrats
Technical analysis by Mr. Coingrats

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