I continue to be very interested in XLM. Referencing my previous post on XLM, the right shoulder of the inverse head and shoulders pattern ended up being very violent and broke through the neckline like butter on a rampage straight to 16 cents. Go XLM!! Woo woo.
Now Bulls are looking at where to re-enter into a new trade after taking profits and knocking it out of the park last week. As I studied I noticed that there may be some harmonic patterns forming. From the drawing you can see the initial move from the bottom for XLM fit pretty well into a Bullish Cypher pattern. This appears to be followed up by a nice Gartley pattern forming with the current retrace. The Potential Reversal Zone for the Gartley Pattern coincides nicely with the bottom of the current trend channel. Coincidence? Possibly, it will be interesting to see. I am targeting the Green PRZ from the Gartley as an extremely strong buy in area if the pattern continues to develop and we get price re-tracement toward the 10 cent range.
Green area is Potential Reversal Zone for strong buy entry and Red Area is the 1.618 Fib range for selling target from the Gartley trading strategy.
I still think we are on our way to pre BCH war prices from last Oct-Nov that many of the other coins have already rallied to. XLM has a TON of upside right now and is my Alt coin of choice currently. It's looking very juicy.
Rick - The Crypto Juicer
Now Bulls are looking at where to re-enter into a new trade after taking profits and knocking it out of the park last week. As I studied I noticed that there may be some harmonic patterns forming. From the drawing you can see the initial move from the bottom for XLM fit pretty well into a Bullish Cypher pattern. This appears to be followed up by a nice Gartley pattern forming with the current retrace. The Potential Reversal Zone for the Gartley Pattern coincides nicely with the bottom of the current trend channel. Coincidence? Possibly, it will be interesting to see. I am targeting the Green PRZ from the Gartley as an extremely strong buy in area if the pattern continues to develop and we get price re-tracement toward the 10 cent range.
Green area is Potential Reversal Zone for strong buy entry and Red Area is the 1.618 Fib range for selling target from the Gartley trading strategy.
I still think we are on our way to pre BCH war prices from last Oct-Nov that many of the other coins have already rallied to. XLM has a TON of upside right now and is my Alt coin of choice currently. It's looking very juicy.
Rick - The Crypto Juicer
Comment:
Price did not end up breaking the C point on the Gartley prior to this breakdown in price over the last two days. If price moves down to the PRZ then bingo! I'll be buying big. It may not retrace that far. Waiting for it to find support before making a buying decision. Gartley still in play.
Price did not end up breaking the C point on the Gartley prior to this breakdown in price over the last two days. If price moves down to the PRZ then bingo! I'll be buying big. It may not retrace that far. Waiting for it to find support before making a buying decision. Gartley still in play.
Comment:
XLM Currently testing the support of the bottom of a large descending triangle. I am expecting a breakout South to occur some time in the near future. Look for support area after the breakout for potential entry point.
XLM Currently testing the support of the bottom of a large descending triangle. I am expecting a breakout South to occur some time in the near future. Look for support area after the breakout for potential entry point.
Trade active:
Well, disregard the comment from yesterday. Just when I thought the gartley may be not happening. Bam! Coinbase goes haywire, BTC makes a major pullback and takes all the alts with it. Look in the comments for an updated drawing from today to show the completion of the Bullish Gartley formation.
Price has been trying to break free of short term downtrend channel but has been rejected at the upper part of channel. Keep an eye on a breakup or breakdown towards a deeper retracement level soon.