1. The XLMUSD graph:
1) The is curving upward again (see area under the chart), if you look at the previous times that this happened, we also saw a considerable increase in the chart.
2) is trying to get that cross going for it. We want to see it curve upward as well to get us some momentum.
3) is low as f***. We also need it to spike in the green.
4) Looking at the overall chart, we see two yellow resistances, of which the first one resulted in a downward trend channel between the two yellow lines. We are now breaking out of that channel, and thereby also of the triangle with basis the 38,2% line. We are seeing a green candle there. But this cannot yet be considered a real triangle break-out, given that we lack etc.
--> Conclusion: still lacking some momentum here, but at least we have a strong support at the Fibonacci 38,2%, an upward bending , and a first green candle trying to break through that negative trend channel.
2. The XLMETH graph:
1) curving upward as well.
2) struggling with that cross as well.
3) Low green .
4) Strong support levels as well, see the two white horizontal lines. Note that the highest one of the two is now acting as a resistance + we have a break-out of the triangle formation there, albeit low and we still have to break through that white horizontal resistance.
5) We have a Heikin Ashi reversal candle (a ) just before that last green candle, in theory this is typical for a trend reversal.
Support at 0,00035712ETH. Resistance at 0,00041922; 0,00046830.
3. The XLMBTC graph:
1) trending upward.
2) heading right into that golden cross, but still in downward momentum.
3) Again, incredibly low .
4) We’ve been in a downtrend against that yellow resistance line, quite clearly. No room to get through until now: a first nice green candle there, with a high against the next Fibonacci level (61,8%; 3259 satoshi) as current . Support at +-2872 satoshi.
5) Also have a look at how nicely the Fibonacci speed resistance lines (the white fan) shows our channels. For example: we hit the 25% line at the bottom in the previous candle.
--> Note that in each graph, we are at the very low end of the Bollinger bands.
--> Chaikin Money Flow indicator is shown in the main graph of this post, and could be applied to verify accumulation momentum. This is turning positive now. You should typically place bullish/bearish indicator threshold here but that would overcomplicate things. It’s just good to see it curving up a bit.
While this could be a bottom with relatively strong support levels and a first bump upward in the right direction, we are still lacking – even though we already hit some a first green candle or so breaking the downward trend channels. Hence, we are still not in the clear. So keep an eye out on and momentum strengthening – it’s what we need!
Note: this post’s intention is mostly to give you a framework on how to evaluate further price movement of XLM . As such its intention is informative, and definitely not to be considered as investment advice.