N/XEM Kicked Down By The Big Brother

BTC is on fire gaining 25% / 1000 USD during four days. It caused a major fall of many binded currencies. We can expect a kind of slow down or correction of this growth. And the effect on NEM can be very profound.

We used our previous chart to look at current situation. The market roughly followed our suggested directions. Right now we are touching a long term trendline - actually breaking it. RSI in in an oversold area and already chanded its direction and is ready to move up. During charting the price fell back down and we have to wait what's gonna happen next. If there is no sudden growth soon we can expect retracing all the way down to the Fibbonacci level. We need BTC to calm down so Alts can follow. If there is a significant correction on BTC we can expect another down fall. Right now Fiat is a position to consider.

There is a possibility of creating a new channel parallel with the trend line till XEM is strong enough the break up.

My position: We got in at 6947, StopLoss 6117. Targets 77/87.

Feedback greatly appreciated.
Good luck, Have fun and Peace.

Due to its extremely high volatility Trading Cryptocurrency is very challenging. Potentially it can be a profitable opportunity for investors. However, before deciding to participate in the cryptocurrency market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose.
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