Following the previous idea on NEM, price has reached and rejected the downside target, suggesting the end of the downside correction. At the same time the uptrend trendline was also rejected, while the confirming the 3600 satoshis level as the support.
From this point onward XEM/BTC could start a long term uptrend, but perhaps its a little too early to talk about this with confidence. Price stays within the triangle pattern and break above the downtrend trendline could be a strong confirmation of the upcoming uptrend. After the breakout NEM could reach first strong resistance at 38.2% Fibonacci retracement applied through the all-time high, that is 7000 satoshis.
Break and close below the uptrend trendline should invalidate bullish outlook and might result in a downtrend continuation, therefore it is reasonable to stay cautions. Having said that, the probability of the uptrend at this point remains very high.
From this point onward XEM/BTC could start a long term uptrend, but perhaps its a little too early to talk about this with confidence. Price stays within the triangle pattern and break above the downtrend trendline could be a strong confirmation of the upcoming uptrend. After the breakout NEM could reach first strong resistance at 38.2% Fibonacci retracement applied through the all-time high, that is 7000 satoshis.
Break and close below the uptrend trendline should invalidate bullish outlook and might result in a downtrend continuation, therefore it is reasonable to stay cautions. Having said that, the probability of the uptrend at this point remains very high.
