NEM officially went into a downtrend on July 10 when it broke down support at 0.00006 Bitcoin. The market attempted to reclaim support multiple times. In the process, however, it created another bearish structure that sent NEM to as low as 0.00000831. The market established new support at that level and used it to rally and create a bullish reversal pattern.
As of this writing, the NEM/Bitcoin pair is attempting to breach resistance at 0.00006. However, it needs 3,856.5 of Bitcoin volume on Poloniex to validate the breakout. Otherwise, we might see the pair retreat to 0.000052. The market has bullish momentum as long as it is above 0.000045.
The strategy is to buy above 0.00006 as soon as volume is confirmed to limit your risks. If breakout today fails, buy as close to 0.000052. The target is 0.0001.
Daily Chart of NEM/Bitcoin on Poloniex
As of this writing, the NEM/Bitcoin pair is trading at 0.00006236 on Poloniex.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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