XLM ADAM AND EVE PATTERN: FULL CHART ANALYSIS.
In this post, I'll tackle the pattern formed on
XLMUSDT
which is a bullish pattern, Adam and Eve. As of this writing, the price already reached the neckline, which is critical for deciding the next move. On the thread below, I'll provide what would be my approach for the coin through my technical chart analysis.
XLMUSDT
which is a bullish pattern, Adam and Eve. As of this writing, the price already reached the neckline, which is critical for deciding the next move. On the thread below, I'll provide what would be my approach for the coin through my technical chart analysis.
Comment:
In most of my ideas, I always use Fib levels in checking critical trend lines but for this particular one, I use common support and resistance in determining the neckline. Just take a look at the backtesting of this 4-hour chart of XLM. Currently an old support acting as a price rejection key level.
Comment:
WAITING GAME FOR XLM!
Comment:
Currently the neckline is showing conviction. Now, if a breakout confirms, I labeled three possible key target prices. Refer to the charting below.
On the other hand, for a breakdown. I will prefer $0.1129 as the target area or you could use Fibonacci levels as plotted in the chart below.
On the other hand, for a breakdown. I will prefer $0.1129 as the target area or you could use Fibonacci levels as plotted in the chart below.
Comment:
Details of the current support:
I'll wait for the next candle :)
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... or two.
Comment:
Currently, XLM is on the trendline breakdown mostly correlated move with other coins. The plotted neckline near past $0.1171 rejected the price to breakout thus the pattern did not materialize.
