Topic: XEMBTC Trading Opportunity, Falling Wedge! (Read 187 times)
It's about time XEM has a break out. For what they bring to the table I find the price of the coin is very low although their circulating/total supply may be the biggest contributing factor. Kudos to the XEM team, they have been making their investors proud with the progress that has been made thus far.
XEMBTC Looks very close to fibonacci level 0, also known as the retracement back to “start”. This is a safe zone.
We can see a falling wedge, a very popular trend reversal pattern. A breakout to the upside would signal bullish movement.
XEMBTC has been downtrending for a few months, and looks like it has been wanting to breakout, by the upper-dominant activity in the right-most side of the wedge.
The last swing high is sitting up at around 7000 sats, so we have a good amount of room for upwards movement if we breakout and can hold above the wedge for a short period.
The targets are resistance and corresponding Fibonacci levels, or the colored lines.
You can check out the trade here:
http://thecryptolabs.com/index.php/2017/11/09/trade-xembtc/
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