XLM TA of ascending channel and level 1 and 2 resistance
Updated
What the charts are showing are the major support and resistance lines drawn from the price action of XLM versus BTC from the last week and a half. So far XLM has stabilized within an ascending channel with a positive slope.
This channel has fairly strong support shown in the chart by the solid and dashed green lines, technical analysis suggests that this ascending line indicates the rising price floor for XLM vs BTC and the lowest prices within this channel to buy XLM at.
Looking upwards, the red dotted lines indicate light level 1 resistance where profit selling could be attained before buying back in once the price has receded back down below it. The dashed red line indicates the ceiling of the ascending channel where heavy resistance would be met indicating levels to sell and take profits again. XLM breaking out above the ascending channel could be possible but more development is necessary before making further predictions. The relative stability of the channel suggests that XLM could move up and down within this channel for at least the next few days to a week.
This channel has fairly strong support shown in the chart by the solid and dashed green lines, technical analysis suggests that this ascending line indicates the rising price floor for XLM vs BTC and the lowest prices within this channel to buy XLM at.
Looking upwards, the red dotted lines indicate light level 1 resistance where profit selling could be attained before buying back in once the price has receded back down below it. The dashed red line indicates the ceiling of the ascending channel where heavy resistance would be met indicating levels to sell and take profits again. XLM breaking out above the ascending channel could be possible but more development is necessary before making further predictions. The relative stability of the channel suggests that XLM could move up and down within this channel for at least the next few days to a week.
Note
With the recent price activity of BTC expect panic sellers to exacerbate selling volume of alt coins XLM included
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