XLM - Stellar Lumens Still Looking For Support - Is it here yet?
Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Lumens has been looking for support since it broke major market structure around 2900. As many of you know, I placed a trade and got stopped out. When that happens either you walk away or continue to look for a place to get back in. That's exactly waht I am doing now.
First I need to see why the structure broke and where it might be going from there based on algos. What I can see is a potential 5 wave bearish impulse in the works with some bullish divergence forming in this general area. Trend based fib from wave 1 takes our high probability target down to 2225ish. Further, a measure of wave 3 from about 4040 to 2884 takes our high probability target to 2169. I do expect some support here. Also, there's this little channel we're currently in. It's obvious that we're about to converge on a bunch of confluence in this particular zone. On, also, we're in a squeeze on the 4H timeframe. It doesn't look the greatest right now, but the squeeze hasn't really exited yet, either.
I will be looking for a reaction there. A sign of strength. I am not placing a buy order in that area and nor should you. Wait for the market makers to do their thing and start consolidating. If we continue in this diagonal and don't start some linear bearish drive to zero, this will be a good sign.
Trade safely my friends.
Lumens has been looking for support since it broke major market structure around 2900. As many of you know, I placed a trade and got stopped out. When that happens either you walk away or continue to look for a place to get back in. That's exactly waht I am doing now.
First I need to see why the structure broke and where it might be going from there based on algos. What I can see is a potential 5 wave bearish impulse in the works with some bullish divergence forming in this general area. Trend based fib from wave 1 takes our high probability target down to 2225ish. Further, a measure of wave 3 from about 4040 to 2884 takes our high probability target to 2169. I do expect some support here. Also, there's this little channel we're currently in. It's obvious that we're about to converge on a bunch of confluence in this particular zone. On, also, we're in a squeeze on the 4H timeframe. It doesn't look the greatest right now, but the squeeze hasn't really exited yet, either.
I will be looking for a reaction there. A sign of strength. I am not placing a buy order in that area and nor should you. Wait for the market makers to do their thing and start consolidating. If we continue in this diagonal and don't start some linear bearish drive to zero, this will be a good sign.
Trade safely my friends.
CE - BitDoctor
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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.
CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
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.