XLM is currently testing various levels of support. This includes the 61.8% fib retracement level, the second standard deviation of the pitchfan and the support level of 3330 Satoshis. This, right off the bat, believes me that the price is in an area where retracement is inevitable. In addition to this, the price has just completed its head and shoulders pattern by reaching this price level. If these are accurate, the price is expecting a price reversal as mentioned earlier, the bullish push that will ensue from this is expected to last until at least the price of 4071 Satoshis (Target 1). This level is characterized by the shorter term 61.8% fib retracement level and is surrounded by the leading span A and B of the Ichimoku cloud which will provide a bit more resistance (arguably). If this price level is broken the next target level is expected to be along the trendline that was used to create the head and shoulders pattern. Along this trendline are the fib retracement levels of 38.2% in both the short term and long term which will provide heavy resistance which is where I expect another reversal.
Important Resistance Levels: 5233, 4814
Important Support Levels: 3330, 3054
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CONFLICTS OF INTEREST
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Written by:
Arham Bheda
Senior Research Analyst
Important Resistance Levels: 5233, 4814
Important Support Levels: 3330, 3054
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst