XLM to re-enter accumulation zone!?
On July 1st I advised Learning Crypto Ltd Premium members that XLM/BTC was in an accumulation phase and could be due to make a move up soon, which evidently took place. The accumulation zone occurred between the Weekly Resistance of 880sats and the Monthly Support of 572sats between July 29th 2019 to July 6th 2020!
Since the breakout, which topped out at 1179sats, XLM has been pulling back very aggressively over the last two weeks and is now re-testing 880sats as Weekly Support. If this Support is lost then price would re-enter that accumulation phase it spent a whole year trying to break out of. However, if this Support holds then price would have formed a Higher Low and presents an opportunity to continue the bullish momentum from earlier in the month.
Since the breakout, which topped out at 1179sats, XLM has been pulling back very aggressively over the last two weeks and is now re-testing 880sats as Weekly Support. If this Support is lost then price would re-enter that accumulation phase it spent a whole year trying to break out of. However, if this Support holds then price would have formed a Higher Low and presents an opportunity to continue the bullish momentum from earlier in the month.
Comment:
Weekly Support of 880sats lost, price has now re-entered previous accumulation zone and is likely headed for the next Weekly Support of 703sats.
