LONG STR XLM Stellar Lumens: Cup & Handle...The BIG One?
I posted a rough mockup of this in my previous idea several hours ago, as Stellar 0.00% tends to give a lot of clues on what it likes to do next.
We are still very much in a bullish market, but healthy correction was needed as we have been overbought for a few consecutive days now.
I have seen this large bowl forming for quite some time, and now the cup has come to a completion. Now come the possible handle and technical clues.
On the 1 day chart, our RSI indicates we need a sell off for things to proceed. We already experienced a sharp pullback from ~940 to 750 in a very small period of time as the masses
take profit and close out longs and shorts.
I have outlined a 'tentative' idea on how I think the handle may play out. We will most likely either bottom out around the 690 area or 620 based on fib
retracements, though 563 is certainly not out of the question (I'd feel a lot less confident about this idea if that happened tough).
If this all transpires according to plan, then we can expect a drive up to around 1280 where we'll meet our first resistance.
Next target would be around 1438.
A break of the 803 neckline confirms strong upward movement and should be where buy orders are placed *if* we get a handle formation.
If it does, then expect some huge, huge moves to follow, and I firmly believe 2000 will not be too far out of sight by sometime next month or early next year.
We are still very much in a bullish market, but healthy correction was needed as we have been overbought for a few consecutive days now.
I have seen this large bowl forming for quite some time, and now the cup has come to a completion. Now come the possible handle and technical clues.
On the 1 day chart, our RSI indicates we need a sell off for things to proceed. We already experienced a sharp pullback from ~940 to 750 in a very small period of time as the masses
take profit and close out longs and shorts.
I have outlined a 'tentative' idea on how I think the handle may play out. We will most likely either bottom out around the 690 area or 620 based on fib
retracements, though 563 is certainly not out of the question (I'd feel a lot less confident about this idea if that happened tough).
If this all transpires according to plan, then we can expect a drive up to around 1280 where we'll meet our first resistance.
Next target would be around 1438.
A break of the 803 neckline confirms strong upward movement and should be where buy orders are placed *if* we get a handle formation.
If it does, then expect some huge, huge moves to follow, and I firmly believe 2000 will not be too far out of sight by sometime next month or early next year.
Comment:
After the sharp decline from our swing high of ~930, there was a sharp pullback.
Now the market is currently consolidating in a bearish pennant. Typical sentiment would indicate that this will result in further downward movement, HOWEVER, it is coinciding with a crossing of the 5 minute ichi cloud.
If we break down, then next area of support is around 620. If we break to the upside, then we may challenge 803.
Will be paying attention closely to what happens as this pennant comes to a close.