I love Stellar, but check these ugly fractals! XLM/BTC
Hi again,
I can see a huge opportunity in altcoin market at the moment and especially Stellar is a great project with good fundamentals behind. I believe that IF the market is about to pump, XLM is donna be a good gainer.
Anyway, let´s get away from what I think and let´s have a look at the chart. There are fractals combined with Ichimoku clouds. Doesn´t look really good fo XLM at the moment. We always had a really nice breakout of the cloud (even confirmed from lagging span). Many would bet it is just about to go to moon. But as we can see, it didn´t.
We had the same scenario all the time:
- breakout
- quick crash just to the upper side of the cloud
- growth, but not making a new high
- another crash to the bottom line of the cloud
- an attempt to break the upper side of the cloud - rejected
- Follow through to the downside with support of that orange trendline.
I don´t really think now is a good time to short anything and I definitely won´t be shorting XLM. All I want to say is - maybe there are different coins to watch at the moment. There is a nice probability we will be able to accumulate more XLM lower :)
Enjoy and please don´t forget to like or subscribe, if you like my work!
I can see a huge opportunity in altcoin market at the moment and especially Stellar is a great project with good fundamentals behind. I believe that IF the market is about to pump, XLM is donna be a good gainer.
Anyway, let´s get away from what I think and let´s have a look at the chart. There are fractals combined with Ichimoku clouds. Doesn´t look really good fo XLM at the moment. We always had a really nice breakout of the cloud (even confirmed from lagging span). Many would bet it is just about to go to moon. But as we can see, it didn´t.
We had the same scenario all the time:
- breakout
- quick crash just to the upper side of the cloud
- growth, but not making a new high
- another crash to the bottom line of the cloud
- an attempt to break the upper side of the cloud - rejected
- Follow through to the downside with support of that orange trendline.
I don´t really think now is a good time to short anything and I definitely won´t be shorting XLM. All I want to say is - maybe there are different coins to watch at the moment. There is a nice probability we will be able to accumulate more XLM lower :)
Enjoy and please don´t forget to like or subscribe, if you like my work!
Comment:
If you shorted XLM, it is time to take partial profit and move SL to break even. In my opinion it is still very likely we will get to 3420 sat. at least, but stellar is getting oversold at the moment on several timeframes, nearly on daily, too. It is like 3.5% gain - not much, but at least something :)
Comment:
We´ve reached a nice support here. At least half trade should be closed now and profits taken in case you shorted.
Trade closed: stop reached:
Yea, as I wrote before - taking partial profits and SL on break even would be good idea. Now the Sl was reached, so congrats if you took some profits down there :)