Watch the RSI for bounce.In my previous TA I showed you the H&S pattern which completed. This fall (both BTC and XLM) was very obvious based on the trend and other circumstances worldwide.
We should wait now to see if RSI falls into that low 20s area and set up buys. Nothing falls forever and looking at previous we should have good support here. Historically .04c is a level that we should not go under.
Safe trading.
XLMUSDC
4 Bullish Reasons For Stellar (XLM/BTC)I'll cut to the chase and say that I am bullish for Stellar in the short term.
Reason #1: It is my belief that Stellar found it's bottom and the recent bullish move that followed Bitcoin has only strengthened my opinion on this matter-
Reason #2: Looking at the charts we can see that this is a classic falling wedge formation. d.stockcharts.com
After a big move up not long ago we have stayed in this wedge formation and a move above the upper trend line would be very bullish.
Reason #3: Volume has increased in recent weeks and the volume is also showing a possibiliy of buying increasing in anticipation of a further leg up.
Reason #4: Bullish Divergence. On the MACD we can see that despite being in a falling trend we are showing bullish/positive divergence which is a key element to look out for when spotting a falling wedge formation.
Keep an eye on the top of that trend line, a break above could be very good for Stellar.
Happy Trading!