XLM is into an accumulation channel and it doesn't surprise me, this is one of those coins which does nothing for a long period until it explodes. Fib levels show that the bottom of the channel is a daily support as the top is a resistance. 0.5 Line divides perfectly in two the channel.
If you wanna enter XLM I personally wouldn't buy 100% of my bag at this level, I'd rather do some cost average here, buying no more than 30% because 0.5 is an uncertain level. Should the price reach 0.618 there you can buy the rest. If instaed it goes up at least you got a part of your bag at discount ;)
At 0.618 most of the trends have a reversal however during this bull season I saw a lot of reversal at 0.786, so if you wanna be very cautious you can buy 25% at 0.5, 50% at 0.618 and 25% at 0.786. However XLM has the habit to pump and dump very strongly and suddenly so time your entry very carefully. My gut says this channel will break upwards unless BTC dumps or pumps very strongly
As you can see I left my trend lines showing my former TA in which I saw a triangle who just broke out, however usually these kind of patterns break out downwards and this didn't happen. It's a different interpretation but I think in this case the channel is the correct one.
If you wanna enter XLM I personally wouldn't buy 100% of my bag at this level, I'd rather do some cost average here, buying no more than 30% because 0.5 is an uncertain level. Should the price reach 0.618 there you can buy the rest. If instaed it goes up at least you got a part of your bag at discount ;)
At 0.618 most of the trends have a reversal however during this bull season I saw a lot of reversal at 0.786, so if you wanna be very cautious you can buy 25% at 0.5, 50% at 0.618 and 25% at 0.786. However XLM has the habit to pump and dump very strongly and suddenly so time your entry very carefully. My gut says this channel will break upwards unless BTC dumps or pumps very strongly
As you can see I left my trend lines showing my former TA in which I saw a triangle who just broke out, however usually these kind of patterns break out downwards and this didn't happen. It's a different interpretation but I think in this case the channel is the correct one.
Comment:
if you followed my previous TA you entered no more than 30% when I made the first call and you bought the rest when we hit 0.618 or at least another 50%. Even in the second case you're in profit right now. I won't exclude a retest of 0.618 line in case you wanna buy more. Just hold, sooner or later XLM will pump