Crypto_Ed

Stellar XLM: wait for correction before buying

BITTREX:XLMBTC   Lumen / Bitcoin
XLM/Stellar is showing a nice uptrend from the bottom.
But I wouldn't buy here as I'm expecting a correction after hitting (3) in the blue target zone.
Short term traders should wait for a pullback to 4 (exact area of bouncing can be determined later) for a next ride to the next blue target zone.
Exact target (5) can be determined once leg 4 has been finished.

Targets are determined with Fibonacci extensions.

Happy trading!
Comment: We missed the blue box by 4 sats. Now retracing, lets see where (4) will be placed for a bit more accurate target for leg 5.
My bet is 745sat....but "trade what you see, not what you think"

Comment: Retraced to the trendline as expected. Lets see if it can make the upmove to 5.
I adjusted 4+5 a bit as i didn't expect such a fast retrace.
I'm a bit worried about the current pattern on smaller timeframe which might be a bearflag alongside the blue trendline. So I'll give to 2 possibilities as update.

Don't forget: this first 5 legs up are just the first steps in a much bigger move!




Trade what you see, not what you think!
Comment: So, 2nd chart it is....
Watch price action at the trendline if it goes further down or up again.
Fibonacci show me possible towards 650 but we'll let the market decide
Comment: Price found support and is on its way back up to 5.
Which is just the first target ;-)

Targets calculated with fibonacci extensions.

Comment: Stellar surprised me and made a bigger pullback.
lets see if Fibonacci gives some support here

Comment: And the downmove continues, although this could be an area for a breakout upwards.

Comment: Expecting this move
Comment: It made exactly the move I expected.
Watch priceaction at the trendline, should bounce and break out but wait for strong green candle
Comment: Correction is going deeper..... Updated chart:
what next? pls help me :((
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Crypto_Ed truongthanhlong174
@truongthanhlong174, just updated. Pls make sure you always have a plan when you enter a trade. That means a target, but also a stoploss. if you read back my updates, I wrote about my concerns for a deeper pullback so a SL should have been placed below the trendline.....
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