¿Stellar price to follow Ripple recent pump?
Updated
STRBTC is the tycker symbol for the trading pair "Stellar" against bitcoin.
Stellar is a platform originally forked from Ripple consensus protocol that allows you to send instant fiat transactions worlwide thanks to a decentralized network of servers and trusted anchors that honor the fiat balances.
You can read the basics of Stellar in their site, here.
Here there is a closer look of the same chart in daily
Reasons to support a long in strbtc pair:
Here you have a chart showing the strong correlation between Ripple (xrpbtc) and Stellar (strbtc)
Check related ideas for Intuit Elliot Wave analysis of strbtc
I have already bought 228 and 222, and I have orders all the way down to 200.
Main and first target, ~365 resistance area. Second and ultimate target, ~520.
Stop loss would be a weekly close again under the broken trendline.
Stellar is a platform originally forked from Ripple consensus protocol that allows you to send instant fiat transactions worlwide thanks to a decentralized network of servers and trusted anchors that honor the fiat balances.
You can read the basics of Stellar in their site, here.
Here there is a closer look of the same chart in daily
Reasons to support a long in strbtc pair:
- Long old trendline crossed up (needs weekly close above 205 to confirm)
- Weekly and monthly MACD crossed bullish
- MA bullish cross on daily (21, 44)
- EMA bullish cross on weekly (5, 8)
- Strong correlation with Ripple (xrpbtc)
Here you have a chart showing the strong correlation between Ripple (xrpbtc) and Stellar (strbtc)
Check related ideas for Intuit Elliot Wave analysis of strbtc
I have already bought 228 and 222, and I have orders all the way down to 200.
Main and first target, ~365 resistance area. Second and ultimate target, ~520.
Stop loss would be a weekly close again under the broken trendline.
Note
I did a small mistake. I meant to use 55 MA, and not 44.Still the bullish cross has happened there too.
Note
Just closed 50% 367. It certainly seems to be heading to next resistance, but i'm always cautious with this "bubbles" and i'm making nice profits with this approach.
Note
Alt season seems to be over, so i'm watching this carefully. Alts will dump with no mercy, so i'd say any long, much more is leveraged, in altcoins is ultra risky. As we reached that oversold zone, and printed a nice bull hidden div, just went we tested that trendline, i do expect a strong bounce.
To reduce risks and lock in profits, i will set a sell order for half of the remaining position, that is to say, 25% of original position at 330.
The remaining 25% i will try to look for the second resistance, around 520.
Trade closed: stop reached
Got stopped at ~255 for the remaining 50% of position (the first 50% was closed at 367 target), meaning a 37.6% net profit against btc.
Note
NET profit in btc calculations50% closed at 367
(367/226-1)*0.5*100=31.2%
50% closed at 255
(255/226-1)*0.5*100=6.4%
Total net profit 31.2+6.4=37.6%
Note
Stellar went nuts. Unluckily i exited this trade 1 month ago. It is the power of long term descending triangles breakouts :D
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