Stellar Lumens (XLM) corrective phase (STR/USDT at Poloniex)
From a technical perspective stellar needs to correct like almost all other altcoins. But be very cautious in these times. Mother BTC and upcoming news can always influence the price behavior and with the rumors XLM being listed at Coinbase and a active fork coming at 9th of December it's good to have a stoploss in place.
ENTRY
I've put the entry signal at 13,46 cents AFTER a clean break and a hook to form first. Only when that is formed correctly place your bets.
STOP-LOSS
Stoploss is at 15,73 cents.
Every time a target is reached we move our stop to the previous target.
TARGETS
The targets are:
T1 Target 1 is the 11,37 cents (USDT) ZONE and is based on the .88 retrace with confirmation of extended fibs.
T2 Target 2 is 8,17 cents (USDT) and is based on a major support zone with confirmation of extended fibs.
T3 Target 3 is around 5 cents (USDT) and is based on a major support zone with confirmation of extended fibs. This zone is hit by many of the alts and is known as a reset zone.
Please let me know what you guys think.
ENTRY
I've put the entry signal at 13,46 cents AFTER a clean break and a hook to form first. Only when that is formed correctly place your bets.
STOP-LOSS
Stoploss is at 15,73 cents.
Every time a target is reached we move our stop to the previous target.
TARGETS
The targets are:
T1 Target 1 is the 11,37 cents (USDT) ZONE and is based on the .88 retrace with confirmation of extended fibs.
T2 Target 2 is 8,17 cents (USDT) and is based on a major support zone with confirmation of extended fibs.
T3 Target 3 is around 5 cents (USDT) and is based on a major support zone with confirmation of extended fibs. This zone is hit by many of the alts and is known as a reset zone.
Please let me know what you guys think.
Trade active:
As expected we have a clean break at the entry point and the hook is formed as we speak. So we're gonna place our bets now. Happy trade!
Trade active:
Target 1 is reached spot on!
We wait for the pullback (ABC) and go for target 2.
We wait for the pullback (ABC) and go for target 2.
Trade active:
Short update; We're heading for the 2nd target but first we need to conquer the red support line.
Trade active:
XLM reached the second (and main) target.
Now the chart has to prove us a reversal pattern. Only when this happens we know it is the bottom. If not, it is going to for the final 3rd (reset) target.
Now the chart has to prove us a reversal pattern. Only when this happens we know it is the bottom. If not, it is going to for the final 3rd (reset) target.
Trade closed manually:
We've got an inverse head and shoulders. So that means we've bottomed.
So move your stop to 17.7 cents OR take your profit now and open a new position where it turns. That would at the .618 (14.2 cent) or .786 (15.6) of the retracement-fibs of the recent down-move.