With BITFINEX:BTCUSD screaming high above $8k, we've seen most alt coins lag quite a bit. Most performances have been pretty bismal, but I think things may be about to turn around if we can see Bitcoin cool off here.
One coin that grabbed my eye was BITFINEX:XLMUSD. I did some chart analysis and it seems to have reversed trend giving us a great set up with good...
Weekly RSI (orange bars) new lows week after week, now deeply oversold.
Weekly Stochastic RSI flat lined with D crossing K.
Together a good indicator for swing entry.
Not necessarily an indication for a price bottom (see my XRPBTC chart), but typically safer than any other rsi/stoch values.
Currently scary. Watching the weekly close - will...
The descending channel started back when the price hit the 4033 satoshis level in which I started to watch the price slowly loose its value. There was an attempt to break the pattern when it was above the 2795 satoshis monthly level but soon after loose the momentum and fall back to the 2130 satoshis monthly level. Now it can just think of it to hit the 700...
Trade: $XLM Purchased
Exchanges: BCEX, HitBTC, Huobi, Binance
Play: Hooligan testing Resistance
Stop Loss: $0.1249
Risk: Medium (Watch BTC Action)
Note: $XLM is currently holding a strong Hooligan Pattern. Apart from that it has one of the hottest 24 hour volume with lowest outstanding coins to price ratio...
I was really skeptical about XLM but I like a lot these last movements.
XLM is probably ready to double bottom against bitcoin.
I wait for a little retrace till the black box. If it come back to this zone I will target 3.8K satoshis.
Right now limen retest support zone at 0.00002559-0.00002469
We can buy this coin with target at
29% profit projection at 0.00003099
and 80% profit projection at 0.00004456
Trading tips :
Prepare for buy back at 0.00002189 if support zone break down.
We also have a good bullish movement here, we can buy XLMUSD right now or wait at...
Real tight trading channel here, so I am watching it like a hawk. If it drops below the 2500 sat area I would expect this to sit at the most recent support in the 2100 range. If it can stay above 2500 and punch through the line of resistance drawn then I would expect to see a possible run to the 3300 range. Will be monitoring this one over the next week or so....
We already wait for this pullback at previous analysis.
We can buy Lumen right now or wait at support zone at 2469-2559
and aim for target at 3099.
We also have maximum projection at 4456 with 80% profit
100-day CCI has turned positive, 50-day VWMA now has a positive slope, positive volume is dominating the past few trading days and price has finally crossed above the 50-VWMA. We have not seen these indicators positive in about five months, a sign that there is upside potential here in the medium to long term. Accumulation/Distribution thrown in for good...