I continue to be very interested in XLM. Referencing my previous post on XLM, the right shoulder of the inverse head and shoulders pattern ended up being very violent and broke through the neckline like butter on a rampage straight to 16 cents. Go XLM!! Woo woo.
Now Bulls are looking at where to re-enter into a new trade after taking profits and knocking it...
What's going on everyone, I hope you all had a great weekend! Today I'd like to provide a short-term technical outlook on Binance Coin (BNB/USD).
BNB/USD is in the final stages of forming a bullish gartley 886 formation on the 1h chart, providing a trading opportunity with a 1:2.5 risk to reward.
The measurements for a valid gartley 886 are detailed below.
Stop loss and long targets identifed (eoy ?)
Don't hesitate to zoom in ; it's in order to see the whole picture.
I also identified bearish and bullish divergences on RSI (including hidden ones).
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We spotted this together during Yesterday live session isn't it. It forms up nicely like what we have been waiting for.
On this 1-hourly timeframe, it is a trend trading opportunity but on the higher timeframe, it is a view as a counter-trend?
So what is your strategy in engaging this trade?
XVG is standing right above the Bullish Gartley's Stop Loss Zone, still in the Potential Reversal Zone. It is coming this major trendline ; Elliott Wave count with the help of RSI makes me think that XVG finally bottomed with a truncated 5th wave.
Let's note that RSI has also a Bullish Convergence.
Good trade and good luck everyone,
Bullish Gartley just completed. To buy now or limit orders on any small time frame buy levels inside the rectangle box.
Duration: Intraday trade or hold swing.
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