NEM: Rise or Fall?

Cryptomaniac
By April 4, 2019 19:48

Hello! In connection with the recent growth of the main cryptocurrency, along with it, the majority of altcoin also grew. In particular, we analyze the situation by NEM.

NEM/BTC

After rapid growth on April 2, from 1279 Satoshi, NEM first overcame resistance at 1390, and then stopped at 1546. The last resistance level could not be overcome because the market was already in the oversold zone, and there was no strength for another jerk.

In this regard, we received a daily correction (from 1546 to today’s price of 1360 Satoshi).

Open chart

It should be noted that with the correction the support level of 1390 NEM has broken through. Does this indicate a further fall in the rate? Let’s understand …

Definitely go now NEM in anticipation of growth is not worth it. The naked eye can see that the correction has been delayed, and the price is able to come to the mark of 1278. However, not everything is so simple …

MACD signals divergence, which means the price is more likely to turn in the direction of the indicator. This means that in the next few candles the price may consolidate at the level of 1390.

And only in the case when the price consolidates above the level of 1390, you can enter the position in anticipation of growth. Stop Loss as always set below the level. Take profit – 1546.

I will also present you another screen where the next levels are marked (for the case of fast passing the price of the nearest support or resistance marks.)

Open chart

Read also – Bitcoin has grown rapidly. What to expect next?

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Cryptomaniac
By April 4, 2019 19:48