Hey everyone, today I bring you guys an analysis on XLM.
As we can see in the chart, there is a Bat pattern, with a cluster in the zone 2173-2193 which is the buy zone.
This pattern has a win rate above 80% , so let's check it out!
We can also see that volume is decreasing while price goes down, this means that this dump is losing it's power , which is bullish and complements this analysis.
Take profits are the green lines:
1) 2490 , which is the B point and the 38.2 fib resistance from A to D.
2) 2683 , which is the C point , possible resistance there (look at the left, it worked as a brief support, which turned to resistance now)
3) 2980, which is the A point.
I recommend Stop-Loss a little below the X point, close to 2047 (since point X can also work as support).
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Disclaimer: I'm not a financial adviser , I'm not responsible for any losses due to following my chart analysis!
As we can see in the chart, there is a Bat pattern, with a cluster in the zone 2173-2193 which is the buy zone.
This pattern has a win rate above 80% , so let's check it out!
We can also see that volume is decreasing while price goes down, this means that this dump is losing it's power , which is bullish and complements this analysis.
Take profits are the green lines:
1) 2490 , which is the B point and the 38.2 fib resistance from A to D.
2) 2683 , which is the C point , possible resistance there (look at the left, it worked as a brief support, which turned to resistance now)
3) 2980, which is the A point.
I recommend Stop-Loss a little below the X point, close to 2047 (since point X can also work as support).
If you want to share your ideas , comment down below and like if you enjoyed this analysis.
Disclaimer: I'm not a financial adviser , I'm not responsible for any losses due to following my chart analysis!
Comment:
X worked as support, XLM looks to be forming a double bottom, our trade is still on.