XEM/BTC - 3/28/2018

Good Morning, Traders!

NEM is currently looking at extremely low volume on Bittrex and is consolidating into what could be the formation of a triangle. The bottom trend line forming the triangle is solidified by 3+ touches, although the top has only touched twice. If the volume continues to stay this low when the price finally breaks out of this triangle, the breakout will not be very significant and there will not be much price action. If the volume assists the breakout though, the price is expected to reach at least the 78.6% retracement level due to little resistance before this level. After reaching here there may be a short retracement that usually occurs after these types of breakouts, before reversing again and continuing in the bullish direction. The complete breakout is measured by the green vertical line. The price will only reach this level due to this breakout if volume allows for this.

Important Resistance Levels: 3949, 3641, 3408
Important Support Levels: 3043

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Written by:
Arham Bheda
Senior Research Analyst