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
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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.
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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.
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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.
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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.
It is looking more and more like XLM will be breaking up rather than down from the .12 cent range that it has been visiting frequently over the last month. I'm pretty convinced my previous thought of a revisit to lower prices isn't happening. I have been buying over the last few days and today see the candle I was looking for! If you look at this pic you will see a nice green candle bouncing up from support on the bottom of the bullish channel that XLM has formed since it's bottoming out. This green bullish signal off of the lower channel is an indicator to me that a much stronger break upwards is coming soon. Best of luck on your buying and may your daily #CryptoJuice be delicious and supremely juicy.
RickyPMN
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Update on the structure. With the weekends price movements we have very close to an invalidation of the potential Gartley structure. If price breaks the orange line the structure is invalid.
sprice5
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@RickyPMN, Well, done, Crypto Juice! Thanks for the updates.