Great oppertunity to buy into XEM at the moment. Currently in the middle of bouncing off the first major support line, we can see that this will potentially confirm a trend reversal. Looking like it has also started the second elliot wave cycle so could potentially expect big gains. Stoch is stating that it is oversold which also backs up a bounce off the first support line. below I have listed some possible scenarios
1. The price tests the current resistance line, before breaking and retracing back to the support line it is currently on
2. Price is in fact in the second elliot wave cycle and pumps to push for a new ATH before potentially retracing back
3. Price drops to second support line, and then channels between the current support lines (top one would be resistance, before testing the current resistance line
How I see it, option 1 in bold is the most likely. This would follow the pattern of the previous resistance line break. I would also like to see another confirmation of trend reversal before we see a big spike in price
1. The price tests the current resistance line, before breaking and retracing back to the support line it is currently on
2. Price is in fact in the second elliot wave cycle and pumps to push for a new ATH before potentially retracing back
3. Price drops to second support line, and then channels between the current support lines (top one would be resistance, before testing the current resistance line
How I see it, option 1 in bold is the most likely. This would follow the pattern of the previous resistance line break. I would also like to see another confirmation of trend reversal before we see a big spike in price
Note
Price has fallen below first support line so will be interesting to see if it now becomes resistance, or it was just a fakeoutNote
Looks like it was a fake out. With Bitcoin expected to fall now could be a great entry especially seeing as it looks like we have a reversal and is now looking bullsih
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.