Stellar Not So Stellar 📉

I've been watching XLM's chart for the past few weeks waiting for it to break out of its range between 0.37-0.43. It looks to be breaking down below the 0.37 support. With many different coins weak right now XLM has the potential to accelerate down to 0.359-0.335. The pink rectangles are highlighting that this current area can result in a bounce in XLMUSD as an area of support. If XLM fails the lvl's highlighted in pink I expect to move down to the next HVN area highlighted in green.

Entry: Entered small position on break of .389 pink line drawn on chart. Will be adding to position here shortly if XLM looks to be breaking lower and not bouncing. There is a possibility of a bounce and then a continuation lower. XLM is quite oversold on smaller timeframes but the chart is very bearish/weak.

Stop Loss: With my current average on this short position and what I attend to add I am willing to risk off of the pink trendline drawn on the chart at 0.3900. I will continue to adjust this if we look to be bottoming out.

*As I am writing this XLM is moving lower so I posted this a little late..

Comment:

lol that might be the quickest PT I have posted. I closed half my position at 0.35 and riding the rest to see where XLM ends up. This might be the first move of a bigger downward trend for XLM.

Trade closed: stop reached:

Nice move by XLM to recover .377 I'm all out at .36. Will watch XLM to see what it does here if we fail back down or re-enter the chop zone.