XLM volume picked up on news today (IBM banking initative cooperation), so let's have a look at the chart:
It is currently in oversold territory according to RSI, but that does not mean it can't keep going higher on this newfound momentum.
There is resistance around 1000 satoshis, but if this is broken through, the next level to look for is around 1650 sat. This would be a nice level to take some profits, but it may keep going to around 2450 or even touch or pass the all time high of around 3000 satoshis.
how do you account for the btc price changing on your charts? isn't usd a more accurate x variable? .00004 on the last may pump was like 6 cents .00004 now would be way more because btc price has changed, how does this affect the charting i've always wondered.
TommyNator
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@whiskey4 Great question! It comes down to two different goals: 1. Maximizing earnings in Bitcoin or 2. Maximizing earnings in USD (fiat currency).
Also, the altcoins usually follow the Bitcoin movements pretty closely thanks to bots and such, so it often makes less of a difference than you might think and sometimes it makes the most sense to view them relative to BTC (independent of current value of BTC).
In the end, it's a choice you have to make for any trade you are looking at. Sometimes it can be hard to make that choice. I am still struggling sometimes with this. As you pointed out, it can be a bit tricky to secure profits in USD (USDT) if margins are small in BTC terms and BTC goes down in value while you increased your BTC holdings.
If you think long-term, maximizing BTC holdings may be a wise strategy, but it's not necessarily the best one for you.
Some people use USDT to take some profits when BTC seems to be going down, and re-enter with USDT later again and focus on maximizing the BTC part of their portfolio.
TaanndC
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Thanks for the chart
can you do an update on it regularly thx
TommyNator
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@TMAN88, will keep an eye on it and try to update if it makes some significant move, thanks for commenting
TaanndC
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@TommyNator, I think this is a long term hold would be massive now IBM are involved and Banks adopting XLM/ Steller Lumes
TommyNator
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@TMAN88, I agree, it could be a 1 year or so run. In the IBM article it stated that it is expected to be temporary until central banks come out with their own cryptos.
TommyNator
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@TommyNator, Or "digital currency" rather, may not technically be cryptos in line with BTC etc.