I have been on a roll with these charts except for the last one which took me by surprise because I was not looking at the signals correctly, and allowed my own emotional bias to skew what was actually happening. As we know now, XLM was in the middle of a Parabolic push and shattered her previous ATH of .5 and hit over .6. There was an immediate retracement, with a failed attempt to breach back into the .6 range that was thwarted at the .58 range. Now we are facing 1 of 2 possibilities: further retracement to previous supports, or further growth.
I have enumerated some of them on this chart via the blue lines. I do not know the exact math to determine the Fibonacci numbers, or how to calculate to the 5th decimal place the specific numbers to look out for. That being said I have been doing well for myself so far and feel that I have a handle on using "prime" numbers as the baseline for my assumptions! By all means, fill me in on how to do the math because I do find it fascinating!
Currently we are, as of 408pm, in a rising pattern, that is testing the maroon hypotenuse of the triangle from the ATH and the lowest low hit so far. We also know that the lows have gotten lower, and the highs have gotten lower, but we haven't quite broken our supports. However, the downward slope is the new support that must be broken to see further upward price action. I do not believe breaking that support will result in the resumption of the parabolic rise, merely a quick push to .54 or .55. Anything beyond that may allow room for speculation, but ultimately XLM must surpass the .58 mark to resume it's upward trajectory and that has seems to have been met with fierce resistance.
What I and many others predict instead is a retracement to sub .50 levels. Some argue .46, others further. What is certain is that the next major support is at .4, and that .44 - .47 are major breaks as well. My theory is that XLM will reach .55 or .56, perhaps only .54, then break towards the mid .40's. I do not believe it will hit .4, even with a long wick. That being said this is Cryptocurrency and anything is possible haha!
I have enumerated some of them on this chart via the blue lines. I do not know the exact math to determine the Fibonacci numbers, or how to calculate to the 5th decimal place the specific numbers to look out for. That being said I have been doing well for myself so far and feel that I have a handle on using "prime" numbers as the baseline for my assumptions! By all means, fill me in on how to do the math because I do find it fascinating!
Currently we are, as of 408pm, in a rising pattern, that is testing the maroon hypotenuse of the triangle from the ATH and the lowest low hit so far. We also know that the lows have gotten lower, and the highs have gotten lower, but we haven't quite broken our supports. However, the downward slope is the new support that must be broken to see further upward price action. I do not believe breaking that support will result in the resumption of the parabolic rise, merely a quick push to .54 or .55. Anything beyond that may allow room for speculation, but ultimately XLM must surpass the .58 mark to resume it's upward trajectory and that has seems to have been met with fierce resistance.
What I and many others predict instead is a retracement to sub .50 levels. Some argue .46, others further. What is certain is that the next major support is at .4, and that .44 - .47 are major breaks as well. My theory is that XLM will reach .55 or .56, perhaps only .54, then break towards the mid .40's. I do not believe it will hit .4, even with a long wick. That being said this is Cryptocurrency and anything is possible haha!
Comment:
100% correct, I allowed my emotions get the better of me though and missed my chance to short and buy the dip