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.
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Weekly Support of 880sats lost, price has now re-entered previous accumulation zone and is likely headed for the next Weekly Support of 703sats.
XLM is currently 845sats on the exchange i use, chances of recovery look slim :/ traded a good portion of my cryptos for it.
UnknownUnicorn3942995
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Hi @umairkhalid33, what was your buy-in price if you don't mind saying? :)
umairkhalid33
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@GazCryptoMob, it was high, and different, 990, 1107, 1080 1098, 1049, yes very weird, the later ones were sort of panick buys you could say, but more them 70% of my total XLM were bought at 990.
umairkhalid33
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@GazCryptoMob, also it broke through to 907, so safe to say upwards trend is expected, just need to hodl for some time?
UnknownUnicorn3942995
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Hi @umairkhalid33, sorry for the delayed reply but I've been really busy with a house move recently! XLM has held the Weekly Support of 880sats so I would say things are looking bullish from here, however I would reconsider that should the Support were be lost.
As I mention in this analysis I was telling people in the Learning Crypto Premium group to take notice of XLM and consider buying during the accumulation zone between 572sats and 880sats. As a Junior Analyst for Learning Crypto I post weekly analysis for XLM as well as other popular alt-coins. We also have CPD accredited courses, daily market round-ups, free access to the community Facebook & Telegram group where everyone shares their ideas/trading strategies and supports each other.
Feel free to come and check us out at some point :)
@GazCryptoMob, thanks i will. and no problem i also just opened trading view after a while, was studying for university entrance tests. currently im hodling as it seems to me theres no other choice.
UnknownUnicorn3942995
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@umairkhalid33, best of luck with your university entrance results! I decided a couple of years ago whilst I was studying at university myself that trading was a life skill that could help me make money for the rest of my life and I would only get better the more time I spent doing it. I still have a long way to go and plenty to learn but I'm enjoying the journey, I hope you do too :)
P.S. I just posted an update to this chart yesterday
umairkhalid33
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@GazCryptoMob, yes same, well actually i made a mining rig 2 years ago so now im using my accumulated bitcoins in trading cause, well better revenue i guess. and thanks :)
baseballpro10
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But we've been in the 845-870 zone for a few days now. Haven't we already lost that support?
UnknownUnicorn3942995
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Hi @baseballpro10, the 880sats Support is a Weekly Support therefore it is not lost until a Weekly candle closes below it. Just like during the accumulation period where you can see many wicks above the 880sats level when it was acting as Resistance, it held because a Weekly candle did not close above it.