XLM to continue dropping
Updated
XLM/ETH - Bittrex
XLM is currently in a correction state. By Elliot-Wave Theory, the initial 1-5 waves up (green) are followed by a requisite correction wave, labeled (red) ABC, C being the end of the correction.
XLM is also showing a bearish descending right triangle, and could possibly break through .00035522 eth level very soon as the MACD (red circle) is showing bearish signal.
We may bounce off that support level and go up, but will hit the top of the triangle and continue down.
Once the .00035522 eth support level is broken we will see it continue down to one of the indicated (green) support levels where it may find its bottom. (buy ladder would be a good idea)
I think we could find a bottom at .00026829 eth, and then continue our trend upwards to .00173629 eth ($1.56 USD at current ETH price levels), but not without corrections in between.
As we get closer to the support levels, we should look for indicators that show possible trend reversal, showing the bottom of the trend and the most optimal time to buy.
XLM is currently in a correction state. By Elliot-Wave Theory, the initial 1-5 waves up (green) are followed by a requisite correction wave, labeled (red) ABC, C being the end of the correction.
XLM is also showing a bearish descending right triangle, and could possibly break through .00035522 eth level very soon as the MACD (red circle) is showing bearish signal.
We may bounce off that support level and go up, but will hit the top of the triangle and continue down.
Once the .00035522 eth support level is broken we will see it continue down to one of the indicated (green) support levels where it may find its bottom. (buy ladder would be a good idea)
I think we could find a bottom at .00026829 eth, and then continue our trend upwards to .00173629 eth ($1.56 USD at current ETH price levels), but not without corrections in between.
As we get closer to the support levels, we should look for indicators that show possible trend reversal, showing the bottom of the trend and the most optimal time to buy.
Note
full idea here steemit.com/xlm/@kuhlateral/stellar-xlm-price-potential-usd1-56
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