XLMBTC Ascending Triangle Breakout
Updated
Stellar Lumen broke out and found support above the ascending triangle it had been forming for several weeks against Bitcoin. Risk reward ratio on XLMBTC looks very promising but there does seem to be a tendency for Stellar Lumen to make crazy parabolic moves only to come back down. Definitely will need to look out for that. Overall though this should outperform Bitcoin and provide opportunities to trade in for more Bitcoins when the time comes.
Trade active
Note
23.6% Fibonacci Retracement from the all time high would be a good place to reconsider this trade.Trade active
Looking good 1 day later. This one's a keeper!Note
Order was closed at a small loss due to execution error. The exchange I was using for this trade has a clunky UI that only shows buy/sell prices denominated in BTC by browsing to the page to place orders. So long story short, I went to the orders page and butterfingered a sell order.While frustrating, there are always more opportunities to make profits and the price is now almost back down to the buy price anyway. Might be worth looking into buying a bounce off the top of the ascending triangle
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