Stellar
XLMBTC
is one of my favorite cryptos and I have been following it for sometime. I am still pretty new to the TA game and still working on my skills. I zoomed out this week to the weekly chart and saw an interesting potential triangle pattern forming. So I drew some lines and tried to see if I could make it work.
This is what I came up with for the weekly. Then I zoomed into the daily chart to see how the pattern looked day to day.
I also saw that trend also works going from the previous weeks candle which makes things slightly more interesting.
And after zooming into the daily you can see the trend lines lining up a little better to the price action that has been occurring.
Either way if it continues to follow the downtrend channel it will have resistance at the .5 fib retrancement and if it fails to find support I believe it will continue in the downtrend channel to the .618 fib line. If it bounces on the .5 fib line again I could see it trying to test .382 fib line but it would need to find support first with a lot more volume. I am looking forward to what I believe will be a very good year for Stellar and excited to go to the moon and beyond! If you have any TA tips or suggestions let me know as I want to continue to get better at TA.
XLMBTC
is one of my favorite cryptos and I have been following it for sometime. I am still pretty new to the TA game and still working on my skills. I zoomed out this week to the weekly chart and saw an interesting potential triangle pattern forming. So I drew some lines and tried to see if I could make it work.
This is what I came up with for the weekly. Then I zoomed into the daily chart to see how the pattern looked day to day.
I also saw that trend also works going from the previous weeks candle which makes things slightly more interesting.
And after zooming into the daily you can see the trend lines lining up a little better to the price action that has been occurring.
Either way if it continues to follow the downtrend channel it will have resistance at the .5 fib retrancement and if it fails to find support I believe it will continue in the downtrend channel to the .618 fib line. If it bounces on the .5 fib line again I could see it trying to test .382 fib line but it would need to find support first with a lot more volume. I am looking forward to what I believe will be a very good year for Stellar and excited to go to the moon and beyond! If you have any TA tips or suggestions let me know as I want to continue to get better at TA.