KongTrading
Long

$XML #STELLARLUMEN - ready for a short bounce

BINANCE:XLMBTC   Stellar / Bitcoin
Hello Lads and Ladies,

XLMBTC is a very interesting scenario. I called it a few weeks ago already that if it does not mange to bounce off the 61.8% fibs, it is more or less rest and heading towards the 78.6% line, which has been a major support in the past!

ANYHOW, on its way down we cannot exclude some corrections upwards, maybe even exactly to that 61.8% fibs. So, how do I get to that 61.8% line and why might it happen even within the next next few days?
Taking a look at the daily chart , it is VERY bullish at this moment. We are far away from the middle of the Bollinger Bands , RSI is at 29 points, very near to its lowest of 26 Points AND we are today on the 9th candle of the TD sequential, what mostly means a nice turn over, as we also have seen at XLMBTCs past.
Nevertheless, I strongly doubt that this would be the trend reversal already and we would after that continue heading down towards the 78.6% fibs, from where on we SHOULD see a trend reversal.


Taking a view at the ugly hourly chart, we can see a wedge forming and right now still sitting above the middle of the Bollinger Bands , from where we might see a bounce up.
Anyhow, the hourly has a rather high RSI , so if we see a bounce sound, it will be very soon and easily overbought and then head south again, which would correlate with that what we see on the daily chart .
Moreover, for me the daily chart and its formations are more relevant in this case.

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Cheers, Tomas

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