XLM Trade|Dynamic Resistance|Daily Structural levels|.618 Fib

BINANCE:XLMUSDT   Stellar / TetherUS
Evening Traders,

Today’s Analysis – XLMUSDT- breaking dynamic resistance putting in a valid retest, the immediate targets are the Fibonacci levels.

Points to consider,
- Immediate trend bearish
- Daily support respected (oversold bounce)
- Dynamic resistance breached
- RSI above 50
- Volume below average
- Fibonacci technical targets

XLMUSDT’s trend has been putting in consecutive lower highs, this projection has still not being broken.

Daily support held with an overthrow, trapping short traders, an oversold bounce lead to breaking the dynamic resistance.

XLMUSDT is establishing a retest, holding this will likely push price into technical targets.

The RSI is trading at the 50 level, must hold for a bullish bias, breaking bellow will negate the probable setup.

Volume is clearly below an influx will be likely for this retest to hold true.

Overall, in my opinion, this is a valid retest of the dynamic resistance. A long trade is valid with define risk, Fibonacci levels being the target. Respecting the 21 MA will give a visual guide of the developing trend.

What are your thoughts?

Thank you for following my work!

And remember,

“You can lose your opinion of you can lose your money.” – Adam Grimes


Good setup! Although I would be careful buying in this environment. The bears are looking for every potential rally to short.
+2 Reply
@heish, Agree, you have to be cautious because BTC is likely to make a move very soon
+2 Reply
AzizKhanZamani amir998704
@amir998704 Thanks for sharing bro! , the momentum is strong at the moment, as long as the high doesn’t get taken out you idea is Valid :)
amir998704 AzizKhanZamani
@AzizKhanZamani, 🤔🤔
+1 Reply
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