First off I want to say that I agree, $0.03 is an outrageous target. However, when doing technical analysis, you're suppose to leave out all feelings and fundamentals.
I believe that XLM should be one of the top coins and above $1.00, especially when fundamentally compared to the other coins out there. I've tried to follow my feelings and fundamentals in the past, and it usually doesn't end well. From the various books I've read, they've all said the same - only follow the chart.
So ignoring that this is XLM and looking at the chart only, yes, it does appear there is a good chance XLM will sadly go to 3 cents.
How can this happen with Bakkt, Starbucks, NASDAQ, and all the other "bullish" news surrounding crypto lately? I don't know, but I've learned from past mistakes to only follow the chart.
For this trade, you would want to enter your short as close to the neckline as possible for the best risk:reward setup.
I believe that XLM should be one of the top coins and above $1.00, especially when fundamentally compared to the other coins out there. I've tried to follow my feelings and fundamentals in the past, and it usually doesn't end well. From the various books I've read, they've all said the same - only follow the chart.
So ignoring that this is XLM and looking at the chart only, yes, it does appear there is a good chance XLM will sadly go to 3 cents.
How can this happen with Bakkt, Starbucks, NASDAQ, and all the other "bullish" news surrounding crypto lately? I don't know, but I've learned from past mistakes to only follow the chart.
For this trade, you would want to enter your short as close to the neckline as possible for the best risk:reward setup.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.