WhaleAgents

Stellar trapped within a triangle

BINANCE:XLMBTC   Stellar / Bitcoin
Stellar is in the consolidation mode as it had been creating lower highs and higher lows in the last couple of months. The price action got rejected two times from the upper side of the triangle while the triangle support held the price for three times. However, since the last touch of the support, the coin is struggling to reach the upper side of the triangle, which signals another test of the support may be coming. If this is the case then a break of the triangle support is more likely as this will be the fourth test of the trend line support. Furthermore, the coin has breached a mini trendline support, which may accelerate a push to the downside. If the triangle cracks, a test of the 0.786% Fibonacci support is next. On the upper side, triangle resistance is currently in the same zone as the important horizontal resistance. Wait for the break of either side before committing to the trade.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.