The Daily chart of the Stellar/Bitcoin is still falling.
While we have started with the month of August, we observe that price is now missing 3 monthly pivots in a row.
This situation is very unlikely to maintain. Experience in the past proof that the market needs a correction to get back at one or more of these levels.
Therefore we can see sideways movement as a coiling effect before a change of direction.
Setting up a trendline and with the help of my 14 EMA line, it will bring up our signal to buy.
The first target is off course the Monthly pivot of August, but also the resistance level slightly above the pivot.
The second target will be off course the Monthly pivot of July, but as we see there is also nearby another resistance level.
While we have started with the month of August, we observe that price is now missing 3 monthly pivots in a row.
This situation is very unlikely to maintain. Experience in the past proof that the market needs a correction to get back at one or more of these levels.
Therefore we can see sideways movement as a coiling effect before a change of direction.
Setting up a trendline and with the help of my 14 EMA line, it will bring up our signal to buy.
The first target is off course the Monthly pivot of August, but also the resistance level slightly above the pivot.
The second target will be off course the Monthly pivot of July, but as we see there is also nearby another resistance level.