Lets take a look at how the New Economy Movement markets are performing against the USD and Bitcoin.
XEM vs BTC
On the one day candle chart we can see that bearish trend has continued since the start of the year and the RSI indicator is now in oversold territory.
With that in mind I will bee keeping a eye on the price action and try to enter with the bulls.
At the moment there is still very little buying support and the near term support zone could be very short lived.
Support is currently at 4000 satoshi and should it break to the downside we could see some more panic selling before the buyers jump in, however it is important to notice that there was very strong support below 4000 sat at the end of last year.
At the moment I am neutral and will see where the market is heading.
XEM vs USD
We have a similar situation on the USD chart with a possible bottom forming below $0,41.
Short term support is around $0.35 – $0.40, which is also the zone where some higher risk traders are placing buy orders.
I am neutral at this point, but looking at the price action for a possible long on the market.