XEMBTC Falling Wedge
Updated
What I See
NEM is almost done with the correction back to level 1. Risk minimized.
Falling wedge is running out of space
Has been down-trending for 4-6 months, a breakout is near
Last swing high is very far, at 7000 sats.
NEM can move to next fib levels (color lines)
What to Do
Set buy alerts in zones where falling wedge could breakout. Use an app or Tradingview alerts.
Set buys between wedge breakout point and .236 fib level, depending on your risk appetite.
Watch for price reaction around resistance levels (orange)
Set a stop loss at the lowest resistance level or 1 fib level. I am not setting stop loss as I am long on this coin, although I do recommend you do.
NEM is almost done with the correction back to level 1. Risk minimized.
Falling wedge is running out of space
Has been down-trending for 4-6 months, a breakout is near
Last swing high is very far, at 7000 sats.
NEM can move to next fib levels (color lines)
What to Do
Set buy alerts in zones where falling wedge could breakout. Use an app or Tradingview alerts.
Set buys between wedge breakout point and .236 fib level, depending on your risk appetite.
Watch for price reaction around resistance levels (orange)
Set a stop loss at the lowest resistance level or 1 fib level. I am not setting stop loss as I am long on this coin, although I do recommend you do.
Trade active
Broke out.
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.