Of course this formation can be false, like many others on many markets. But sentiment here looks not optimitsic for long positions around 20cents. Better place is around 12cents to start accumulate.
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Market has bumped price much above blue line, but this line holds on Daily timeframe (candle close under this line) so bearish formation is still valid.
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For now the formation are tending to be fully realised.
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And formation looks like failed to be fully realised:)
Bitttex has halted bt. Deposits. All coins are suffering on there and xem is no exception. Not really good for analysis until they reenable thier btc wallet
orminlange
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@Thingamajig, Okay but Bitcoin is in bull mode since many weeks, and XEM and other huge alts (like ETH and RIPPLE) not - with tendency to fading down not only in case of BTC pairs but also in case of FIAT pairs. Bittrex is not so big player, buto Poloniex's chart looks similar, so this drawing is valid, maybe i will make new for Polo just to be sure. Beside that longterm direction is good showed also here in Bittrex pair XEMUSDs chart. For me bear mode in XEMUSD and XEMBTC is in full play. Of course this is good opportunity to retake XEMs from weak hands, but level of this retaking must be good estimated by the overall situation of alts market vs Bitcoins behaviour. I observe that patiently, as i wrote this before in other anylysis regarding XEMUSD.
orminlange
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@Thingamajig, And in case of NEM-XEM any fundamental information about catapult, COMSA success or some good partnership can change everything in technical view. But for now XEM has no new news, and situation when Catapult release was clearly postponed, gives not good picture here for inversors or even shortterm speculators. I hope this will change in the future, because NEM has really good tech behind his blockchain solution.