CryptoMarket360

Stellar signaling a buy on dip sentiment

Short
BITFINEX:XLMUSD   XLM / Dollar
Price broke the black 61.8% Fibonacci level back in early August and then tested the same line as resistance on a pullback to the line. Selling interest came on to drop the price to the full retracement, as expected post-pullback. Now the price has reversed and busted the red trend line to the upside. The target for this break is marked with arrows and we are also marking this point as resistance 2. First resistance is being tested at the red 61.8% level as price slips on profit-taking.

Look for buying interest to be found on this drop to support, which likely will come in around the previous black 61.8% Fibonacci level. The bull move should resume after a test of the black 61.8% level to get back on pace to reach the upside objective.

If price breaks even lower, underneath the black 61.8% level, then look for a move all the way back to the breakpoint or support 2.

Weekly S/R

Critical Resistance: $0.3308
Key Resistance: $0.2870

Key Support: $0.2457
Critical Support: $0.2071

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