XLMUSD
still looking strong after my last post where I PERFECTLY called the target of the bullish wedge. That one was pretty popular so this is the follow up. After a retracement, it's moved up back to the resistance. If it breaks above the support and confirms it on the H4, then we're good to move up again. Extra bullish bonus points: if this current candle becomes a bullish engulfing candle by surpassing the previous high. However, I think it would be more likely that we get some retracement first. Even the green fib level would be enough. If it bounces right off and starts moving down below the significant fib level within the next day, then it signals that it could be a red pizza slice double top kind of thing. If you don't know what this is, you can read my latest Chainlink analysis. Chainlink and XLM have a lot in common, and that is that they are my favourite alts and the ones I am most bullish on for the long term with great fundamentals. Highly recommended to look into it.
Moving on, let's have a look at our indicators, volume is still very solid today, and the MACD hasn't even crossed over or turned down yet. Very nice. We'll wait for a 4 hour close and hopefully we can get a bull flag that takes the pair to $0.20 or more over the Christmas weekend, but that would need even more interest and maybe even a surprise holiday announcement ;). If we break down, then the target is back to the bottom of the wedge at around 9c-10c. We'll also be analysing Bitcoin's next move so be sure to follow for more updates to come if you are not already.
Happy Christmas!
-Etch.
Previous analysis:
Trade active:
Well I put "Bullish Wedge Pt. 2" in the title and well it turns out that's exactly what it turned in to!
Only a small one this time with a price target of only around $0.006125 increase, which is still 5%.
On the downside, we have the potential for this to turn into a bigger continuation triangle with support at 11.8c , at which would be a good price point for a potential stop loss.
I won't be trading a big position in this one because I have my money tied up in LINK for the moment. Only a small position.
Only a small one this time with a price target of only around $0.006125 increase, which is still 5%.
On the downside, we have the potential for this to turn into a bigger continuation triangle with support at 11.8c , at which would be a good price point for a potential stop loss.
I won't be trading a big position in this one because I have my money tied up in LINK for the moment. Only a small position.
Comment:
There is also strong support on the daily chart when compared to BTC, which I find interesting because it's not always as good an indicator (as you can see by that huge triangle that didn't seem to have a single bit of effect). Anyway as this support seems pretty real, I will be trading against BTC this time, mostly as an experiment since it is a small position.
Trade closed: target reached:
:) done. Back to btc, looking for reentry. But I realised shortly after my previous post that what you trade between only matters on the close. I could choose to sell to usd from the btc, but right now I would prefer to hold bitcoin than USD, as per my BTC analysis.
Comment:
I missed my entry on my limit order a bit because I misdrew the resistance at 3000 instead of 3031 sats. Luckily, I decided to go half market and half limit order on this trade which I think I will continue from now on. I will reenter when we break the white resistance trendline that we just bounced from
Comment:
imgur.com/a/V129F7X
Forgot chart . If someone knows how to do tradingview screenshots on mobile that embed, please let me know.
Forgot chart . If someone knows how to do tradingview screenshots on mobile that embed, please let me know.
Comment:
imgur.com/a/xUTc5pO
Possible bearish wedge forming but the target is only about 0.125. Also could be a good entry if EMAs act as resistance again, as they have been. With the high buying volume though, maybe the resistance breakout scenario is about as likely, 50/50
Possible bearish wedge forming but the target is only about 0.125. Also could be a good entry if EMAs act as resistance again, as they have been. With the high buying volume though, maybe the resistance breakout scenario is about as likely, 50/50
Comment:
breakout scenario happened with good volume. We'll see if we can sustain above
Comment:
Hello. Sorry for not updating the last few days. Now the "festive cheer" in crypto seems to be dying off in alts, I'm not sure we can see a sustained rally in the coming weeks. Looking at the chart compared to that original resistance I drew, my first thoughts were that there is no way in hell this is tradable. Look how it's not above or below, hardly anything keeping it up. Just noisy sideways movement. Even if we had seen a pump, the risk would simply not have been worth it to try and trade, while at the same time it would be difficult to call an exact timing for a dump because it's just been so erratic. On the longer term charts, it looks like the resistance was completely invalidated and a big bull trap happened, which was apparently too obvious so both the bears and bulls must have just called it quits and got out while they can. Now we are below a key fib level and I expect further decrease from here unless something interesting happens in the whole crypto space soon.
