XLM/BTC - C&H?
Updated
XLM/BTC:
Looks to be forming a cup and handle, just waiting on the handle to form to give us a nice entry position.
XLM should correct/retrace sooner than later from its recent bull run, which will allow a handle to form.
Buy area and Stop Loss have been set, watch buy area closely, XLM tends to retrace larger than usually expected, XLM may dip down to the 0.5 Fib line (blue one).
Indicators:
- RSI overbought on the Daily, be wary of this. Though, as a wise man once said, "an overbought RSI can be a buy signal in a Bullish market"...idk who that wise man was.
- MACD looks decent on the Daily chart, still showing no signs of a downward cross.
-Ichimoku Cloud a thin green cloud rising upwards. Could be thinning more, indicating a new trend (such as a correction). Either way, XLM still well above the Cloud on the Daily charts.
- Volume looks good on the Daily chart, very green, little red, with a decent amount of volume taking place (though we will need a higher volume to send on another leg up without any correction).
Long Term Targets:
Target 1 - 0.00001356
Target 2 - 0.00002605
Looks to be forming a cup and handle, just waiting on the handle to form to give us a nice entry position.
XLM should correct/retrace sooner than later from its recent bull run, which will allow a handle to form.
Buy area and Stop Loss have been set, watch buy area closely, XLM tends to retrace larger than usually expected, XLM may dip down to the 0.5 Fib line (blue one).
Indicators:
- RSI overbought on the Daily, be wary of this. Though, as a wise man once said, "an overbought RSI can be a buy signal in a Bullish market"...idk who that wise man was.
- MACD looks decent on the Daily chart, still showing no signs of a downward cross.
-Ichimoku Cloud a thin green cloud rising upwards. Could be thinning more, indicating a new trend (such as a correction). Either way, XLM still well above the Cloud on the Daily charts.
- Volume looks good on the Daily chart, very green, little red, with a decent amount of volume taking place (though we will need a higher volume to send on another leg up without any correction).
Long Term Targets:
Target 1 - 0.00001356
Target 2 - 0.00002605
Note
4 Hour Chart:
- RSI just under 70. Looking bearish.
- MACD crossed today.
All points to a deeper correction. Lets hope we get an awesome entry position and XLM corrects into the Buy Area.
P.S. Once a buy is made in the Buy Area, set Stop Loss asap.
Note
30 Min Chart:- Descending Triangle !
Note
Hmmm, with a possible market bull run on the horizon, i wonder if bulls can skip out on an intended corrections/dips. Watch xlm closely, if stays above 4699, we may indeed impulse upwards to the 1st target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.