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EthanTW
Oct 24, 2021 11:08 AM

XLMUSDT - Time to take entry? Long

XLMUSDT SPOTBybit

Description

BYBIT:XLMUSDT
4H trend chart
XLM was consolidating as a triangle, and just broke it out.
Now it retests the downtremnd line while all market is falling.
If price can still get support from the trend line or keep at Fib(0.618) around 0.38445 till the closure of 4H candle.
It's a good time to take entry.
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Profit Targets:
a) 0.42435----Fib(1)
b) 0.45275~0.46425---Fib(1.272~1.382)
c) 0.47660-----Fib(1.5)

Stop losses:
a) 0.36605-----(Red horizontal ray)
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Comments
salimbar
1D MACD has signaled a bearish cross, does this mean anything towards this entry?
EthanTW
@salimbar, Nah, I usually consider signal of 1H or 4H
trytofeelpositive
jmancharts
Ethan, why do we draw lines from candle wicks instead of candle closures?
michaeltingson66
@jmancharts why is that?
EthanTW
@jmancharts, Hey J, good question, because wicks usually accumulate more resistance.
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