Lumens has retraced in between the .6 and .618 fib levels, which is to be expected given that lumens tends to retrace to this level from its previous bull runs also. I do believe that the ABC retracement is complete but with BTC's uncertainty, noone can say for sure. The wedge in the image will tell us if a breakout is happening or if another pullback will occur, only time will tell. I would play it safe for now and only buy upon a breakout confirmation, otherwise you can still get lumens for a cheaper price if it pulls back.
Both RSI and MACD have resetted and we've been in a sideway market for the past couple days. Volume is also drying up, which are all signs of a bullish market. I do believe that this is the new floor from the latest bull run, but again... BTC's potential bullrun can ruin this for us. I will be keeping a close watch on lumens as the day progress and will trade accordingly. If a breakout does occur, then I expect our first resistance to be previous ATH, from there it might pull back a bit (as depicted) and then runup to around the 9k satoshi area. Hopefully the major market mover announcement is happening by the end of this month... that would send lumens into stellar space.
Reminder to keep a close eye on BTC's movement on top of lumen's movement! Lumen's bullish movement will stop dead in its track if BTC has a bullish movement of its own... unless Jed hits us with some good news!
Last, this is not, in any shape for form, investment advice. This is just my take on Lumen's chart. Happy investing guys!
Both RSI and MACD have resetted and we've been in a sideway market for the past couple days. Volume is also drying up, which are all signs of a bullish market. I do believe that this is the new floor from the latest bull run, but again... BTC's potential bullrun can ruin this for us. I will be keeping a close watch on lumens as the day progress and will trade accordingly. If a breakout does occur, then I expect our first resistance to be previous ATH, from there it might pull back a bit (as depicted) and then runup to around the 9k satoshi area. Hopefully the major market mover announcement is happening by the end of this month... that would send lumens into stellar space.
Reminder to keep a close eye on BTC's movement on top of lumen's movement! Lumen's bullish movement will stop dead in its track if BTC has a bullish movement of its own... unless Jed hits us with some good news!
Last, this is not, in any shape for form, investment advice. This is just my take on Lumen's chart. Happy investing guys!
Comment:
As expected, the ABC correction phase ended on the 01/05 with the lowest point indicated as "C" on my graph. The initial impulse wave was slow to start due to the whole market correction after such a bullish run throughout late December to early January. The first major resistance is our previous ATH of rought 6.4k sats, which I believe we will surpass easily due to the media coverage that lumens received yesterday. I am still eyeing roughly 10k sats as my first TP!
RSI is trending upward on the 4hr chart and MACD's signal line was crossed a couple days back, but is now also trending upward. MACD helps us to foresee potential trend reversal but I couldn't have said with 100% certainty that the trend reversed at the start of the MACD's line crossing the signal line. That is why we use other indicates such as RSI and volume along with observing BTC"s movement. The whole Korea banning crypto FUD has settled, for the most part, and I believe we are to enter the next leg up for a massive bullrun for the whole crypto market! The start of 2018 was very daunting but I do believe the worst is over. Cheers to lumens' next bull run. Happy investing all!.
As expected, the ABC correction phase ended on the 01/05 with the lowest point indicated as "C" on my graph. The initial impulse wave was slow to start due to the whole market correction after such a bullish run throughout late December to early January. The first major resistance is our previous ATH of rought 6.4k sats, which I believe we will surpass easily due to the media coverage that lumens received yesterday. I am still eyeing roughly 10k sats as my first TP!
RSI is trending upward on the 4hr chart and MACD's signal line was crossed a couple days back, but is now also trending upward. MACD helps us to foresee potential trend reversal but I couldn't have said with 100% certainty that the trend reversed at the start of the MACD's line crossing the signal line. That is why we use other indicates such as RSI and volume along with observing BTC"s movement. The whole Korea banning crypto FUD has settled, for the most part, and I believe we are to enter the next leg up for a massive bullrun for the whole crypto market! The start of 2018 was very daunting but I do believe the worst is over. Cheers to lumens' next bull run. Happy investing all!.
Comment:
With the correction of the first impulse wave behind us, lumens is back on track to the road to 10k sats. Depicted in the image is what I think lumens will do on its way up to 10,000 sats. The MACD's line is starting to curve upward which indicates a potential reversal and end of the corrective phase from the first impulse wave.
Honestly, 10k sats is a conservative estimate given the roadmap that is coming in about a week's time along with FairX around the corner! Not to mention that the MMM has yet to be announced. One thing that is going for us is that wall street's bonuses will be entering the crypomarket soon enough. I will attach a link for a reddit thread where someone addressed the bear market in early Jan of 2017 post a bullish market from Christmas. it is very similar to the situation that we are in right now. Happy investing all!
www.reddit.com/...ust_before_the/?utm_conten...
With the correction of the first impulse wave behind us, lumens is back on track to the road to 10k sats. Depicted in the image is what I think lumens will do on its way up to 10,000 sats. The MACD's line is starting to curve upward which indicates a potential reversal and end of the corrective phase from the first impulse wave.
Honestly, 10k sats is a conservative estimate given the roadmap that is coming in about a week's time along with FairX around the corner! Not to mention that the MMM has yet to be announced. One thing that is going for us is that wall street's bonuses will be entering the crypomarket soon enough. I will attach a link for a reddit thread where someone addressed the bear market in early Jan of 2017 post a bullish market from Christmas. it is very similar to the situation that we are in right now. Happy investing all!
www.reddit.com/...ust_before_the/?utm_conten...
Seems like holding out on re-buying back into lumens was the better choice as it dipped beyond the wedge. Yesterday's BTC's drop along with ETH's runup did some damage, but this only accelerated the correction phase for lumens. I except to see lumens entering a sideway market for the next few days as a bottom/support floor is being established. Lumens ramped up way too fast for any support levels to be established properly. This correction, despite what we want as investors, is actually healthy and much needed after such a bullish run. I still bullish on lumens because I believe in their tech and working products! However, I will agree that Jed needs a PR team that will increase lumens' exposure around the world! Anyways, hang in there guys and wait for the major market mover partnership announcement. Lastly, happy investing guys!