XEM-BTC analysis
Updated
I fast analysis from NEM crypto-currency (XEMBTC) mainly based on Pitchfork trend, where Pitchfork is all about to respect the zones blue and green, and lines such as median line, bottom and top blue lines and their intersection between the blue and green region. So, bases on 4hrs time-frame it is possible to see that we have a interesting trend.
Until it is possible to notice, the market is about to test the region where is located the Exponential Moving Average (EMA) 50 periods. Then, in case this EMA 50 hold the the price, it is possible to make a entry in this asset; nevertheless, a short time-frame analysis in necessary to refine the entry.
However, it is still necessary (in my opinion) wait for a reversal signal based on MACD. Even though MACD and RSI do not show divergence, it is clear that at least MACD did not show a change in its signal line, which means that the price will keep falling/testing EMA 50.
Bollinger Bands show us the price bellow its base/median line, which means a possible continuation of bearish movement.
To interact with this chart, please click below in RELATED IDEAS
For analysis based on Ichimoku Cloud, please click on the reference link below RELATED IDEAS.
Until it is possible to notice, the market is about to test the region where is located the Exponential Moving Average (EMA) 50 periods. Then, in case this EMA 50 hold the the price, it is possible to make a entry in this asset; nevertheless, a short time-frame analysis in necessary to refine the entry.
However, it is still necessary (in my opinion) wait for a reversal signal based on MACD. Even though MACD and RSI do not show divergence, it is clear that at least MACD did not show a change in its signal line, which means that the price will keep falling/testing EMA 50.
Bollinger Bands show us the price bellow its base/median line, which means a possible continuation of bearish movement.
To interact with this chart, please click below in RELATED IDEAS
For analysis based on Ichimoku Cloud, please click on the reference link below RELATED IDEAS.
Note
Here it is another overview from this asset that I totally forgot to follow, lol.XEMBTC @ Poloniex - Long-Term Trend Based On Pichfork : Possible Descending Triangle Pattern
For the actual moment of this post, on daily time the price is in a good support level. However, BTC price (~2881USD) is deciding whether we are in a bubble or nope, hah.
So, if BTC price falls, it is expected that XEM price could follow the pessimistic trend and break this Descending Triangle Pattern and reach lower levels.
XEMBTC @ Poloniex - Divergence Aspect
The above chart RSI and MACD does not show any divergence on 4hrs time-frame; nevertheless, it is possible to notice from RSI that bearish team is winning the game, and MADC Fast and Slow Length does not show clearly price's direction.
To sum-up, let's wait more days or even weeks to see how this asset will behavior =)
Note
Things did not change too much regarding to XEMBTC:Pitchfork and its median red line seem respect this trend, which still signalizing bearish continuation + bearish kumo =\
Looking closer on 4HRs time-frame, MACD signals more bearish momentum and RSI shows that bearish team still playing this game.
To summing-up for now, XEMBTC still in a huge accumulation process and I do believe that it will keep for a while like that (maybe more one month).
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