NEM Technical Analysis for 02/04/2016 – Price Trading Under Key Pivot zone

The NEM digital currency has had quite a wild ride since the start of the year. NEM hit an all-time high of 0.00000192 on February 3rd, and price has retraced over the past 24h. Although not visible on the higher time frames, price is currently trading underneath a fairly important pivot zone. The 0.0000017 price level acted as resistance on two occasions during the 2nd of February; this level then turned into resistance on the 3rd. Today, the market closed underneath 0.0000017 and this level acted as resistance twice. So, this area has had quite a bit of activity over the past three days and is of great technical importance. Unless the market gathers enough strength to break above 0.0000017 again, further selling is likely to take place.

The long term technical outlook is still very bullish, as the major trend line is still intact. The minor trend line – which starts on January 27th when NEM began to rally again – is also still not broken.

Disclaimer:  This is not trading/investment advice!

Chart source: https://poloniex.com/exchange#btc_xem

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