Today’s Analysis – XLMUSDT- trading above weekly S/R, diverting to pitchfork median where a move it probable.
Points to consider, - Price Action Acceptance - Weekly S/R Support (Pitchfork, EMA Confluence) - Range mid target - Oscillators neutral - Declining Volume
XLMUSDT’s immediate price action is getting acceptance back into weekly range; this allows us to have a bullish bias.
The Weekly S/R is immediate support that is in confluence with the pitchfork median and 50 EMA. Price is likely to respect this level with a bounce into range mid – target.
Both oscillators are evidently neutral, must remain in their bullish territory to maintain strength. Their current volume profile is declining; an influx is highly probable when testing key trade locations.
Overall, in my opinion, XLMUSDT is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
“If you can learn to create a state of mind that is not affected by the market’s behavior, the struggle will cease to exist.” – Mark Douglas