XEM/BTC SHOWING SIGNS OF A SHORT-TERM RECOVERY
XEM/BTC has been in a massive decline since early September. As of today, the RSI and MA200 are showing signs of recovery!
Over the past year, the daily RSI has been a good indicator for short term reversals, big and small.
This time, however, we see a strong rejection of the MA200 accompanied with a reversal of the RSI. With the RSI being greatly oversold at 20 points, a short-term recovery is to be expected.
A conservative target would be the area around 800. A target beyond 900 would be considered as more speculative. Trade carefully.
Over the past year, the daily RSI has been a good indicator for short term reversals, big and small.
This time, however, we see a strong rejection of the MA200 accompanied with a reversal of the RSI. With the RSI being greatly oversold at 20 points, a short-term recovery is to be expected.
A conservative target would be the area around 800. A target beyond 900 would be considered as more speculative. Trade carefully.
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