XLMUSDT Descending Channel| Volume Influx| 200 EMA| Price Action
Evening Traders,
Today’s analysis – XLMUSDT- trading in a defined descending channel that is likely to break bullish,
Points to consider,
- Price Action Impulsive
- Weekly S/R Support
(.618 Fibonacci & 200 MA)
- Daily S/R Objective
- Declining Volume
XLMUSDT’s immediate price action is trading in a bearish market structure until proven. This will only come to fruition on a bullish break.
The Weekly S/R is current support that is in confluence with the Weekly S/R and .618 Fibonacci. Price Action retracing here is likely to respect the level.
The Daily S/R is current objective, breaching this level will likely increase the probability of continuation.
Current volume profile has an influx after declining, this is indicative of momentum picking up in the immediate short term.
Overall, in my opinion, XLMUSDT is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
‘’No one strategy is correct all the time’’.- John Paulson
Today’s analysis – XLMUSDT- trading in a defined descending channel that is likely to break bullish,
Points to consider,
- Price Action Impulsive
- Weekly S/R Support
(.618 Fibonacci & 200 MA)
- Daily S/R Objective
- Declining Volume
XLMUSDT’s immediate price action is trading in a bearish market structure until proven. This will only come to fruition on a bullish break.
The Weekly S/R is current support that is in confluence with the Weekly S/R and .618 Fibonacci. Price Action retracing here is likely to respect the level.
The Daily S/R is current objective, breaching this level will likely increase the probability of continuation.
Current volume profile has an influx after declining, this is indicative of momentum picking up in the immediate short term.
Overall, in my opinion, XLMUSDT is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
‘’No one strategy is correct all the time’’.- John Paulson