XLMBTC Looks Stellar Closing Out A Big Volume Week
Have to imagine I'm not the first person to think of that ;) lol. Anyways, from a 4-hour chart,
XLMBTC
looks like it's ready to head higher after consolidating for a few days. With a Squeezes coiled on 30-minute, 2-hour and 4-hour charts I'm looking for
XLMBTC
to retest the previous high (.00004380). First, it will need to clear the 50% extension at .00003957. From there, the move could fail at .00004056 and .00004199.
Looking at this from a daily perspective, XLMBTC looks very much like Bitcoin and rest of the crypto market: tightly coiled and ready for a big move:
Wrapping up the week today at 7:00 CT (my time)
XLMBTC
closed out a week with the most volume (at least on Binance) that we've seen since the first week of the year:
With that said, you should take a stoic type approach to it; it neither good or bad, but worth mentioning/observing. Here are two different scenarios I see as to why:
Scenario #1: IBM Announcement of new "stablecoin"
Scenario #2: HODL'ers finally selling after 'HODL'ing' through the entire downtrend, not being able to bear the pain any longer, finally throw in the towel with the recent rally.
Scenario #3: Most traders are seeing the same thing: Bitcoin and the crypto market appears to have bottomed.
I as I'm sure you and everyone in the crypto market are ready for the bears to get the hell out of the way, but I'm still not ready to move all my chips back onto the table. Most of the crypto market still seems to be in "
USDTUSD
Denial" as nearly all signs are pointing to fraud, but still, no official word has come out on that yet. To me this is the ticking time-bomb we're all walking past every day, smiling as we pass, knowing in the back of our minds when this thing goes it's likely to be ugly for the market at least in the short-term. I only mention this because it makes me have trouble being overly bullish the entire market longer-term until there's complete transparency on how they (Tether) operate.
I was recently discussing the market with a friend who also trades and we were both imagining the possibility of Bitcoin breaking the downtrend and how things would play out.
The scenario I told him I could see happening with a break higher was a double-top to cap off the year at 20,000. Is this going to happen? No clue. Bitcoin and the rest of the market still have a lot in their way before that's even on the horizon, but it's fun to think about :)
What are your thoughts? Are we going on a bull run or are bears about to bring the pain?
***Clicking "Like", "Follow" and Commenting Are Idea/Post 'Compensation'...and motivation to not be lazy and do these more often;) *** Thanks!
XLMBTC
looks like it's ready to head higher after consolidating for a few days. With a Squeezes coiled on 30-minute, 2-hour and 4-hour charts I'm looking for
XLMBTC
to retest the previous high (.00004380). First, it will need to clear the 50% extension at .00003957. From there, the move could fail at .00004056 and .00004199. Looking at this from a daily perspective, XLMBTC looks very much like Bitcoin and rest of the crypto market: tightly coiled and ready for a big move:
Wrapping up the week today at 7:00 CT (my time)
XLMBTC
closed out a week with the most volume (at least on Binance) that we've seen since the first week of the year:
With that said, you should take a stoic type approach to it; it neither good or bad, but worth mentioning/observing. Here are two different scenarios I see as to why:
Scenario #1: IBM Announcement of new "stablecoin"
Scenario #2: HODL'ers finally selling after 'HODL'ing' through the entire downtrend, not being able to bear the pain any longer, finally throw in the towel with the recent rally.
Scenario #3: Most traders are seeing the same thing: Bitcoin and the crypto market appears to have bottomed.
I as I'm sure you and everyone in the crypto market are ready for the bears to get the hell out of the way, but I'm still not ready to move all my chips back onto the table. Most of the crypto market still seems to be in "
USDTUSD
Denial" as nearly all signs are pointing to fraud, but still, no official word has come out on that yet. To me this is the ticking time-bomb we're all walking past every day, smiling as we pass, knowing in the back of our minds when this thing goes it's likely to be ugly for the market at least in the short-term. I only mention this because it makes me have trouble being overly bullish the entire market longer-term until there's complete transparency on how they (Tether) operate. I was recently discussing the market with a friend who also trades and we were both imagining the possibility of Bitcoin breaking the downtrend and how things would play out.
The scenario I told him I could see happening with a break higher was a double-top to cap off the year at 20,000. Is this going to happen? No clue. Bitcoin and the rest of the market still have a lot in their way before that's even on the horizon, but it's fun to think about :)
What are your thoughts? Are we going on a bull run or are bears about to bring the pain?
***Clicking "Like", "Follow" and Commenting Are Idea/Post 'Compensation'...and motivation to not be lazy and do these more often;) *** Thanks!
