A few follower’s have asked me to look at this chart, If you want me to do analysis on any chart, just follow me and let us know.
There are three features on this chart that stand out to me, they all carry the same meaning to be.
Firstly we haven’t had a close above or below the January 3rd bar, since January third. This tells me we are in a box, and you never trend trade in a box. While the box (Blue ) is the entire range the Black line shows a top only broken once and suggests another and a tighter range that is also in play.
The second thing is the fall away in since late November. The lack of also suggests indecision in either the direction, people wanting to be involved in the coin or the coin is waiting on specific news.
Price is overextended away from the 200ema. Price has stayed close to its Emas and after the early Jan buying the distance between and price has stretched. I think price is likely to go sideways while the is drawn up and closer, or even put in a little spike down to hit the 200 . The over extension from the takes away any interest in a long trade from the top of the box.
Eventually I do expect the coin to Break out long as its entered the range from the bottom and is above the 50 and 200 .
If price hits the bottom of the Blue box, I am happy to trade it back up to the blackline. That’s the only trade I would take inside the Blue box.
Eventually the will draw closer to price, and then if lifts and price breaks out above the blue box, and then comes back and touches the top of the blue box, I would trade it long. But to confirm for that too happen I need the 200EMA (Green line) closer to price, to build and the perfect pattern.
Always remember if you want to make dollars your decisions need to make sense. There are just better charts to watch than this one unless you have a piece of fundamental news that I don’t. I will keep a lose eye on it for bottom of the box trade, but if I missed it I wouldn’t be worried.
Feel free to follow for further trade analysis, if you want your own analysis and enjoy private analysis you can vote below in the comments or like this page and I will continue when I receive private messages if not I will stop running private and stick to our trades.
I'm pretty involved in XLM since the beginning, so that was interesting.
Regarding the news:
- Recently XLM was added to a new trading plateform (eToro)
- and the coin expects a lot from FairX to go out around May-June ! At that moment the demand for XLM should inscrease because it's a plateform that allow people to buy any crypto with fiat money using XLM to convert the fiat into the demanded crypto.
Thanks again for your good work. Hope to continue learning with you :)
@MrKim_, where did you get the may/june date for Fairx? Any source?
I am/was under the impression it would be this month?
Thanks in advance
Reddit is a good place to check on your crypto ! :)
Mentioned on fairx twitter
Found some further info in the meantime.
Ah well, that's why I like everything about Stellar anyway, humble and not rushing their dev ut focus on quality and sustainability.