Going to keep this description brief as I think the chart speaks for itself.
XLM
XLMBTC
has been trading in a range bound pattern for the majority of the past year. The 6th largest cryptocurrency by market cap is now primed to make another large move upwards.
Price has tested the .00002900-.00003000 BTC level 5 times and has never closed below so buying at this level poses little risk if an adequate stop loss is set.
DMI indicates that trend is reversing. The last few times that DMI has shown this reversal we saw serious upwards price action shortly after. In addition, MACD has also had a bullish cross and is now looking to pass above the histogram line.
With all that said, here is how I plan to trade it......
Exposure/Targets:
Entry: .00003003 BTC
Stop: .00002821 BTC (-6%)
Target 1 (30% equity): .00003425 BTC ~ (14% Profit)
Target 2 (30% equity): .00003695 BTC ~ (23% Profit)
Target 3 (30% equity): .00003930 BTC ~ (31% Profit)
Target 4 (10% equity): .00004185 BTC ~ (40% Profit)
Happy trading!
If you like my content please like and comment and let me know your thoughts.
Cheers!
________________________________________________
Credit @dennisd
________________________________________________
* Not financial advise *