botje11

Stellar XLM reached (temp) bottom? Part 3 H&S

KRAKEN:XLMUSD   XLM / USD
Previous analysis:
Looking very good now, XLM' bulls have been waking up again and finally seeing some volume and real movement again. So we broke up from that small triangle on the right and are following the blue line scenario since we broke up strong through that red resistance. Since we are back in the channel chances are increasing that we might test the resistance of that channel and maybe even break up if the market can hold this trend the coming weeks. That big red zone will be the next challenge.
The former blue resistance is the low point from now on, ideally we stay above the 0.087x


That blue zone held perfectly during the Feb dump and has been the low point since. Now assuming Bitcoin' will continue it's rally coming weeks, XLM' might have another rally in store for us as well. Think it might drop a little bit more coming days to form support for a potential right shoulder. I want to see the green support around 0.105 hold. A break of that zone would endanger the whole bullish scenario. Doen's mean a crash will happen, but the bullish momentum will decrease a lot. The resistance around 0.13 has been a tough one for a few months now, so we want to see volume increase a bit during the move up of the right shoulder. If the bulls can manage that, we want to see it shoot straight through that red resistance with some high volume along with it. A slow and small break of that neckline, is not something this market will be able to hold IMO .


Previous analysis:

Comment: Looks good so far, going exactly as planned so no reason yet to change the plan. Alts are not moving as i wanted compared to Bitcoin. This first push some dropped more than they should have. But maybe, assuming current movement is a bear flag, the next drop for Bitcoin will cause a small drop on alts. That way the green support one the left should not break, that would be the ideal scenario.

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Nice Structure Analysis, thank you.
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@go8686, Thank you :)
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As always a really nice analysis botje!
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botje11 no_name2
@no_name2, Thank you :)
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Yeah boi, I posted about this a couple days ago -

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One threat to this inverse H&S is if BTC corrects which I think is possible in the next week. BTC's trading range has been quite narrow for the past few days and is a sign that a large move is coming. If BTC drops precipitously in price, it may drive your XLM price down through your green box and hit $0.10 and perhaps as low as $0.087. So I would leave some cash on the table should this play out because it would make for another buying opportunity. Just my 2 Satoshi's.
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@BDG, Yeah i see what your getting at. I have looked at more alts, those suggest this consolidation might take another week. While bitcoin says it can finish much sooner. From my experience, it's of course good to keep an eye out for Bitcoin as well, to know what the general direction might be. But sometimes its better to look at alts independently as well.
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I love this coin, I am following since 0.07. Thanks for your analyst!
+1 Reply
@Raxhel, Nice, hope you will see this inverse H&S play out as well :)
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