XLM 4hr Analysis Short to Midterm Timeframe

XLM has a few things going on here, we can see that there is a smaller pattern at play (yellow) inside a larger pattern (purple) there are two potential measured moves depending on these patterns, but either break should play towards the purple pattern eventually.

If the yellow pattern head fakes or fails to breakout of the larger purple pattern's resistance we may have a potential consolidation to continue for a few weeks to eventually break toward the purple pattern as long as the market remains bullish.

I'm long on this because the market is bullish MACD is turning upward on all timeframes 4 hour - daily, these are bullish targets, these are symmetrical triangles so of course they can break either way with failure at key resistance levels (RED dash and dotted lines)

Also for those interested we have started an XLM Public Chat Room, where idea's, experience, and opinions are welcome!

Just my thoughts

Comment:

The smaller triangle targets (in yellow) appear to have been hit. Currently consolidating around these area's before moving to higher highs as would be expected, from the larger symmetrical triangle (purple target). Unfortunately the Exchange I used to chart this currency pair on is currently down for maintenance.

Happy Trading!

Comment:

Updated price targets based on breakout and confirmation of larger symmetrical triangle