XLM had a wonderful pop up at the end of November, since then we look to be in a bullflag.
This is a continuation pattern in uptrend where the price will stagnate or move slightly downwards before we continue upwards and onwards.
We saw a decent amount of volume in the rejection from the upper resistance line, our RSI is near overbought. I suspect we'll see a downturn towards the bottom of the bullflag potentially presenting us a pretty decent buying opportunity around the .15 mark.
That said we do have a short term uptrend line formed under the price, if we can keep this, it might point to a quick breakout from the bullflag. Don't really see this happening but we'll see!
Dashed targets are my primary targets for Q1 2021, dotted lines are extension targets.
This isn't financial advice. At least that's what your mom said the other night.
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Ukraine just came out and said they're adopting XLM for their central bank system. Ready to fly?
@Vinsly009, Appreciate the support 👀 here's hoping it doesn't disappoint 🤙🤙
Vinsly009
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@reggiogeorge, is it safe to go long now?
cryptosince1963
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@Vinsly009 I picked some up in the yellow box, doesn't look like we'll see much more downside (sorry I slept in lol)
Vinsly009
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@reggiogeorge, Market seems to be moving in the bias....... i took 5% profit off
cryptosince1963
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@Vinsly009, I took some off as well. Seems to be all good but this SEC business has everyone spooked I feel, and MT Gox is finally moving BTC. could be another buying opportunity at some point.
Vinsly009
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@reggiogeorge, Same here bro.... Will be looking to go long again. XRP seems to be recovering by alot
cryptosince1963
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@Vinsly009, I'll likely wait until things clear up a bit and we have confirmation of direction. XRP bounce doesn't have me too convinced yet, pivot back down at .236 fib, RSI seems to be turning down again and have room to go. could point to a retest of bottom trendline:
Vinsly009
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@reggiogeorge, NOTED. do well to let me know when yhu enter
cryptosince1963
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@Vinsly009, Will do brother, likely post an updated idea when we see how tomorrow weekend goes with revised entry. Don't really like what I'm seeing on the chart.