XLM -Great resistance/support against BTC volatility/uncertainty
XLM is showing a good support inside yesterday´s opening/closing range even during sudden dips in BTC. Good volumes of trading in the pair and still above main bullish trend line.
XLM is trading within a price consolidation channel that will cross, in the next couple of days, the bullish support trend line. More importantly, the market seems to be highly correlated to BTC action. If Bitcoin finds/bounces in confident support line, then we can expect XLM to clearly outperform other pairs with potential to reach $0.50-0.54.
Personally, in the very short-term, I´m hoping for XLM to close within or above yesterdays open/close range - increasing bullish sign. Once Bitcoin´s volatility decreases or becomes bullish, then I can expect a breakthrough. If volatility does not settle and Bitcoin experiences lower lows and consolidation channel/bullish trend line is broken, I´ll expect XLM to follow the trend and start looking for the next support line around $0.21.
Note: I´ve increased my long position at $0.24.
Not Financial advise. Just my thoughts. Look forward for your feedback.
XLM is trading within a price consolidation channel that will cross, in the next couple of days, the bullish support trend line. More importantly, the market seems to be highly correlated to BTC action. If Bitcoin finds/bounces in confident support line, then we can expect XLM to clearly outperform other pairs with potential to reach $0.50-0.54.
Personally, in the very short-term, I´m hoping for XLM to close within or above yesterdays open/close range - increasing bullish sign. Once Bitcoin´s volatility decreases or becomes bullish, then I can expect a breakthrough. If volatility does not settle and Bitcoin experiences lower lows and consolidation channel/bullish trend line is broken, I´ll expect XLM to follow the trend and start looking for the next support line around $0.21.
Note: I´ve increased my long position at $0.24.
Not Financial advise. Just my thoughts. Look forward for your feedback.
Trade active:
We are facing some exhaustion trying to brake $0.31 resistance level. While also underperforming against other pairs.
A Correction is needed to relieve short pressure and gain some bullish momentum. If we cannot find support on the Bullish support trend line then we start looking at the next support level around $21.
Personally, I will put in some stop-loss bellow bullish support line.
A Correction is needed to relieve short pressure and gain some bullish momentum. If we cannot find support on the Bullish support trend line then we start looking at the next support level around $21.
Personally, I will put in some stop-loss bellow bullish support line.