TheMagpie
Long

4 Bullish Reasons For Stellar (XLM/BTC)

BINANCE:XLMBTC   Stellar Lumens / Bitcoin
I'll cut to the chase and say that I am bullish for Stellar in the short term.

Reason #1: It is my belief that Stellar found it's bottom and the recent bullish move that followed Bitcoin has only strengthened my opinion on this matter-

Reason #2: Looking at the charts we can see that this is a classic falling wedge formation. https://d.stockcharts.com/school/data/me...

After a big move up not long ago we have stayed in this wedge formation and a move above the upper trend line would be very bullish .

Reason #3: Volume has increased in recent weeks and the volume is also showing a possibiliy of buying increasing in anticipation of a further leg up.

Reason #4: Bullish Divergence . On the MACD we can see that despite being in a falling trend we are showing bullish/positive divergence which is a key element to look out for when spotting a falling wedge formation.

Keep an eye on the top of that trend line , a break above could be very good for Stellar .

Happy Trading!
Comment: I thought we had broken out of the top of the wedge there but it seems as we are still hugging the top of the wedge instead. Keep watching inside these trend lines.
If you want to be a master on trading, You must review over thousands charts! And, sleepless nights!


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XLM to BTC Not yet a bottom. From this level there can be a movement of + 35-90%
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WHATS YOUR TARGET PRICE IN USD?
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leorio leorio
@leorio, AND POSSIBLY AROUND WHEN?
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Amen for this.
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3.5% increase since I posted this and we've broken through the top of the wedge. Let's watch and see how this plays out.
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If you look at the chart before Stellar jumped from 1260 to 1970 you can see a very similar pattern at play with a falling wedge coupled with bullish divergence and volume increase before the bullish rally (marked in green).


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