STR / XLM Supressed and holding steady...Low Risk Long Position
It has been awhile, but I am back.
Despite the recent turbulent price fluctuations and tug o' war parity between BTC and BCH, Stellar has managed to remain fairly steady and reliable. Although volume isn't necessarily 'stellar,' it has seemed to find a relatively safe floor around the 450-460 levels. If recent history is any indication, we are currently in another consolidation area where we are right on the verge of exiting a bullish flag formation.
I suspect it will not be suppressed much longer.
This is a very low risk/decent reward proposition. Pending orders should be placed within the 450-465 levels with a tight SL placed around 440-445. We should retest the previous high around the 56x area. Profit taking can be had anywhere between 550-570.
There have been many coins within the recent few days that have underwent a nice surge, and I believe Stellar is due. Of course, further BTC correction will only aid the fuel.
Best of luck and happy trading!
Despite the recent turbulent price fluctuations and tug o' war parity between BTC and BCH, Stellar has managed to remain fairly steady and reliable. Although volume isn't necessarily 'stellar,' it has seemed to find a relatively safe floor around the 450-460 levels. If recent history is any indication, we are currently in another consolidation area where we are right on the verge of exiting a bullish flag formation.
I suspect it will not be suppressed much longer.
This is a very low risk/decent reward proposition. Pending orders should be placed within the 450-465 levels with a tight SL placed around 440-445. We should retest the previous high around the 56x area. Profit taking can be had anywhere between 550-570.
There have been many coins within the recent few days that have underwent a nice surge, and I believe Stellar is due. Of course, further BTC correction will only aid the fuel.
Best of luck and happy trading!
Comment:
Right. On. Time.
Beautiful. Indicated potential profit targets depending on your risk management. Congrats to all that got in early.
IDEALISTICALLY, I'm hoping it will rise back to the 56x area and retest previous high, at which point a nice cup will be formed....
and well, you know the rest :)
Right. On. Time.
Beautiful. Indicated potential profit targets depending on your risk management. Congrats to all that got in early.
IDEALISTICALLY, I'm hoping it will rise back to the 56x area and retest previous high, at which point a nice cup will be formed....
and well, you know the rest :)
Comment:
Well, we experienced strong resistance at the .5 fib retracement (~512), and subsequently bounced down for some correction.
487 support is holding for now, and if we examine larger time frames, we have what I anticipated as a possible c&h scenario playing out. this may provide us with another short long scalping opportunity.
Buy orders should be placed with a pending break of the 512 neckline, with a target at the 545-574 area.
You will notice that the action is almost mirroring each other on both sides of the cup formation, which is how I based my possible short-term outlook.
Furthermore, if this indeed does play out, then we will have a nice gigantic cup formation, which may lead to much bigger and better things if it plays out the way I think it might.
Let us wait and see.
Well, we experienced strong resistance at the .5 fib retracement (~512), and subsequently bounced down for some correction.
487 support is holding for now, and if we examine larger time frames, we have what I anticipated as a possible c&h scenario playing out. this may provide us with another short long scalping opportunity.
Buy orders should be placed with a pending break of the 512 neckline, with a target at the 545-574 area.
You will notice that the action is almost mirroring each other on both sides of the cup formation, which is how I based my possible short-term outlook.
Furthermore, if this indeed does play out, then we will have a nice gigantic cup formation, which may lead to much bigger and better things if it plays out the way I think it might.
Let us wait and see.
Well, not much action since last night. However, it is reassuring to note that STR has been one of the more stable alts during this wild pendulum of btc pricing. Has held the 45x-46x channel from the ride through 7500-8k bitcoin, despite the wild fluctuations of many other coins.
Also has respected the long term 450 support line, which is very strong.
We are coming dangerously close to entering the 1hr ichi as it pushes lower and lower. I believe we may be only a day or two before we see the major push that we've been anticipating. And I suspect it will be a nice move.
Being able to get an entry point in the 45x range would be ideal, though anything in the 46x range will yield just as nice of profits in terms of the bigger picture.
Break above .478 confirms...with resistance at both 513 and 546.
Best of luck!