This should provide a nice ~15% or more scalp on an expected market move for Stellar. Currently consolidating within a bullish pennant.
Have crossed the ichi on the 30 and 45 minute time frames, and above the 200ema. RSI and MacD provide upward growth.
Pending orders should be placed at a break of the wedge with profit targets around 900-940 (depending on your risk management). I believe we will challenge this previous swing high and drop down again as higher time frames show RSI is approaching overbought levels.
However, there may be another large move up, as this would also note the completion of a large cup and handle formation.
Pay attention to market signals and take profits when you can, as you will always be able to re-enter at a later point.
Good luck.
Trade active
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Breakout confirmed. Pay attention to the 880 area as well for possible profit target.
Trade closed: target reached
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Target reached! I still think there's more fuel left in the tank and next move is probably to re-test 940. If it breaks thru that, then strap on your moon boots.
Do you think we are consolidating before the next leg up, or are we now bearish and forming a Bear Pennant right now on the way down to the 600's again?
Phattyoshis
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Wow, you hit 880 right on the nose! I saw this late and jumped in at 831 and closed out at 879. Small scalp...and now it's heading up again. Jeez. Do you think Stellar is really going to make it back to 1700 sats?
ninjacookies
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@Phattyoshis, 880 was a notable area of resistance :)
Here's the thing. The giant cup and handle that I predicted formed, but the handle was perhaps uncharacteristically small. (broke it at around 845).
So I am unsure whether the pattern is still valid.
Stellar is still very much bullish by almost all accounts, except the higher time frame rsi's are a bit concerning. Though in strong a bull market rsi is not as much of a valid indicator.
My gut? We're going higher. But if it is to challenge the ATM, that would mean stellar would be a top 7 market cap coin. And I'm just not sure if that's the case....yet.
Phattyoshis
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@ninjacookies, I think that we are going higher, but there has been alot of exciting news lately pumping stellar up. We are getting close to a double top on the USD price, so we could see it fall before we really try to break out. Thanks so much for the tips! Plus I am trading against bitcoin, so all it take is one BTC run up and our ratio is eroded.