XLMBTC daily chart
Updated
as you all know, XLM received a siginificant fundamental news to bump up the price action over the weekend (Coinbase Announcement)
aside from the coinbase announcement it is also one of the top 10 altcoins and lots of projects lined up before the end of the year.
on the technical aspect, it is nearing the completion of the symmetrical triangle formation.
riding above the 20 EMA on the 4 hr and daily, it is showing clear sign of strong trend reversal and leading the altcoin market in doing so. it also had a double bottom and showed strong support at 2900 - 3000 sats range.
the critical overhead resistance of the formation is at 4200 sats and if we reach that level, you are looking at 5000 sats as your next stop to take profits.
if it goes down south, and invalidate the pattern by turning bearish again, im looking to enter a position around 2150 - 2200 sats range.
DYOR and practice risk management. happy trading!
aside from the coinbase announcement it is also one of the top 10 altcoins and lots of projects lined up before the end of the year.
on the technical aspect, it is nearing the completion of the symmetrical triangle formation.
riding above the 20 EMA on the 4 hr and daily, it is showing clear sign of strong trend reversal and leading the altcoin market in doing so. it also had a double bottom and showed strong support at 2900 - 3000 sats range.
the critical overhead resistance of the formation is at 4200 sats and if we reach that level, you are looking at 5000 sats as your next stop to take profits.
if it goes down south, and invalidate the pattern by turning bearish again, im looking to enter a position around 2150 - 2200 sats range.
DYOR and practice risk management. happy trading!
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