BINANCE:XLMUSD   Stellar / US Dollar (calculated by TradingView)
With BITFINEX:BTCUSD screaming high above $8k, we've seen most alt coins lag quite a bit. Most performances have been pretty bismal, but I think things may be about to turn around if we can see Bitcoin cool off here.

One coin that grabbed my eye was BITFINEX:XLMUSD . I did some chart analysis and it seems to have reversed trend giving us a great set up with good potential upside of around $0.30 for my near term target.

I entered a trade at $0.11

Case for the Bulls:
  • Strong bounce off of supporting trendline
  • Clean break out from suppressing trendline
  • First bullish sign from Lazy Bear Indicator
  • Bitcoin showing upside

Case for the Bears:
General Altcoin market conditions may not yet be ready
Case for this to be a bull trap

Overall, as long as we hold the supporting trendline , we have an uptrend. All we must do is buy the higher lows and protect our capital in the event of a reversal.

Nothing fancy here, just good ole trend trading.

Cheers.
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