Since the 26th we've been bouncing between a clearly defined and tightening range on the 4HR time frame and staying right up against the 12 and 26 period EMAs. Looks good but I am cautious.
Support: .24027 .23132
Resistance: .26582
Volume: declining
RSI 53 with a slight move upwards----neutral with a VERY mild bullish bias
If this tightening pattern breaks bullish I expect it to make a run for the .30 mark. Until BTC moves towards the 7k zone I don't anticipate much beyond this possible push to .30.
Personally I'm bullish on XLM long term, but like I always say, until BTC breaks out of its weekly downtrend I am extremely cautious in the short term. If I were trading this I would try to get in and get out quickly, setting a tight stop loss and making the .30 cent area my target to take profit.
Support: .24027 .23132
Resistance: .26582
Volume: declining
RSI 53 with a slight move upwards----neutral with a VERY mild bullish bias
If this tightening pattern breaks bullish I expect it to make a run for the .30 mark. Until BTC moves towards the 7k zone I don't anticipate much beyond this possible push to .30.
Personally I'm bullish on XLM long term, but like I always say, until BTC breaks out of its weekly downtrend I am extremely cautious in the short term. If I were trading this I would try to get in and get out quickly, setting a tight stop loss and making the .30 cent area my target to take profit.
Comment:
Nice bounce underway! It remains to be seen just how far to the upside we go though. I knew this was going to break, I just didn't know to which direction. Would be cool to actually get to .30 but not sure. Large upper wick on the hourly candle indicative of profit taking.