Double bottom

Updated

Double bottom @30min chart

The whole area 16-19cents was supportive for this bounce, we must remember anyway, that situation is corelated with BTCUSD bounce from around 3000. Both pairs behave similar, but there is always some differencies too. I dont say "buy now before too late". The trend in Crypto is now distorted after chinese gossips, and FUDsters public comments (for example CEO of JPMorgan). But if You want get longs in this situation, remember if 3000 on BTC holds, XEM should hold above 16-19 cents too.

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bigger pictures and timeframes

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As we see weekly chart bearish engulfing of two previous candles gave us some blood on charts.

Level of bounce was so important because this was 50% retrace from ATH on Daily chart (measured on closing bars) - see the chart below:

and the same 50% have worked here well (measured on closing bars of weekly chart:

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As wee see next supportive level is 61,8 between 12-13cents

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Did You see, that bounce in BTCUSD from 3000 to 3800 is 26,6% of growth from bottom, and in XEMUSD (on closed 30min bars) 16,5 to 23 cents is around 40%? Sometimes XEM works like leveraged Bitcoin:)

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This "leverage" will be grow, under condition however, that Bitcoin will not fall under 3000 with other alts like XEM.

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So if Bitcoin will produce another bullish wave much above 5000, i'am 99% sure that XEM will produce 2-5 higher growth in terms of percentage, that i have described here. But as i say - now i'am not in so bullish mode as Bitcoin does bounce, but we not know if this is corrective wave or begining of another one bullish wave.

ormin79

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