XEM - LONG

Hey guys,

I am lurking here for quite some time and felt like adding some - hopefully - valuable input to the community. I have analyzed the NEMUSD Bittrex chart according to:

1) Overall trend analysis
2) Bollinger Bands
3) ROC
4) RSI
5) MACD
6) Fibonacci waves


Analysis:

Well, the overall trend of the NEM token is bullish. It just hit the bottom of the channel / resistance line and shows momentum to increase again. At the very same point the line also touched the lower Bollinger band which is an indicator for a low. From this point the price could increase to the upper point of the Bollinger band, which happened a good week later.

The ROC (especially the buying points) just touched the yellow line on Nov 18th (buying signal) and is still far away from a selling signal. This can also be seen on the RSI which is still hovering around the purple zone and the trend of the RSI is upward sloping as well (yellow line) and hasn't reached the upper end of the purple channel yet - so there is no fear from overselling yet.

The slower moving average line (blue) of the MACD crossed from below the red line and gave a buying signal around Nov 18th as well.
Last but not least if we look at the channel the line is currently hovering around, then we can see that this pattern is actually nearly an ideal Fibonacci wave situation. The price spiked and fell back in wave 1, then decreased to the resistance level of the lower trend line of the channel, before it got momentum and increased to it's ATH at wave 3. Just now we left the low at wave 4 behind us and are about to fly to new highs. In an ideal world, the price should now go up and touch the upper trend line around 0.40-0.41.

Hence the price target for NEM should be set around 0.40-0.41.

Thx for reading guys!