XLM 21.02 Big day but better is yet to come (after dump 22.02)
Updated
First I really want to explain that, that at the beginning I couldn't understand why XLM pumped continuously last 13.02 /14.02.
With XLM you always have to check their newsletter to "justify" any price increase on the chart (Bitbound, Ukrainian Government). Because this last pump we didn't have "significant volume" (peak) we can say that might be an effect of their newsletter again:
News like:
..."Another development worth watching in 2021 is the U.S. Office of the Comptroller of the Currency’s January announcement that federally chartered banks can act as blockchain node validators and use stablecoins. With one bank-issued stablecoin already on the network and traditional financial institutions increasingly looking to catch up with the digital currency revolution..."
--> "German real estate giant issues debt via Stellar blockchain"
--> "COINQVEST Receives European Virtual Currency Service Provider License, Partners with nTokens to Bring Enterprise Cryptocurrency Payment Processing to Brazil"
Now matter the pump,dump or sideways I'm just bullish on Stellar Lummens because you just need to "'Shoot for the moon and even if you miss, you'll land among the stars.' (Norman Vincent Peale).
NOT TRADING ADVICE. DO YOUR OWN RESEARCH.
So about the chart:
Purple line - "fractal" from previous pump (07.01-13.02)
After 13-14.02 pump, we went to a descending triangle correction (red triangle). We so low to point "B" from big black ascending triangle (predicted by the previous pump) returned to the red triangle (fake breakout) but after we confirmed breakout recognizing a big diagonal resistance (red line) and a downward trend (also MA, RSI confirmations).
After this, we were searching for another higher low - "B point green triangle - ( and we found out next support diagonal - blue line). We started to construct a "green" ascending triangle (that we are still inside and gives us the next target (green vertical line)): 0.48394 (approx: 21.02).
This target is point "C" of the big black ascending triangle (calculate with the angles of current trend). At this point, it will be hard to do a breakout (to the north side) because it's only the 3rd attempt (green resistance line). So a correction to point D might occur. Pressure will be hard and we even might break the support of the "blue line" (if we follow the trend of the last pump and also because it's expected a retracement from BTC and ETH..... and Monday 22.02.2021 is the decision day from SEC - XRP), so Monday everything will be quite unstable). Maybe XRP holders will come to XLM, or in general market will get ready for the upcoming wave...
The blue box above the chart is a "copy" from the highest point of 07.01 until 13-14.02 highest point and placed on this last point. So $0,7472 is my target for the next pump (22.03.2021).
All the other targets (positive) are there. Please notice that this isn't trading advice.
It's very important to me, that if you read this long explanation until the end to give me some feedback.
Wish you all the best ;-)
With XLM you always have to check their newsletter to "justify" any price increase on the chart (Bitbound, Ukrainian Government). Because this last pump we didn't have "significant volume" (peak) we can say that might be an effect of their newsletter again:
News like:
..."Another development worth watching in 2021 is the U.S. Office of the Comptroller of the Currency’s January announcement that federally chartered banks can act as blockchain node validators and use stablecoins. With one bank-issued stablecoin already on the network and traditional financial institutions increasingly looking to catch up with the digital currency revolution..."
--> "German real estate giant issues debt via Stellar blockchain"
--> "COINQVEST Receives European Virtual Currency Service Provider License, Partners with nTokens to Bring Enterprise Cryptocurrency Payment Processing to Brazil"
Now matter the pump,dump or sideways I'm just bullish on Stellar Lummens because you just need to "'Shoot for the moon and even if you miss, you'll land among the stars.' (Norman Vincent Peale).
NOT TRADING ADVICE. DO YOUR OWN RESEARCH.
So about the chart:
Purple line - "fractal" from previous pump (07.01-13.02)
After 13-14.02 pump, we went to a descending triangle correction (red triangle). We so low to point "B" from big black ascending triangle (predicted by the previous pump) returned to the red triangle (fake breakout) but after we confirmed breakout recognizing a big diagonal resistance (red line) and a downward trend (also MA, RSI confirmations).
After this, we were searching for another higher low - "B point green triangle - ( and we found out next support diagonal - blue line). We started to construct a "green" ascending triangle (that we are still inside and gives us the next target (green vertical line)): 0.48394 (approx: 21.02).
This target is point "C" of the big black ascending triangle (calculate with the angles of current trend). At this point, it will be hard to do a breakout (to the north side) because it's only the 3rd attempt (green resistance line). So a correction to point D might occur. Pressure will be hard and we even might break the support of the "blue line" (if we follow the trend of the last pump and also because it's expected a retracement from BTC and ETH..... and Monday 22.02.2021 is the decision day from SEC - XRP), so Monday everything will be quite unstable). Maybe XRP holders will come to XLM, or in general market will get ready for the upcoming wave...
The blue box above the chart is a "copy" from the highest point of 07.01 until 13-14.02 highest point and placed on this last point. So $0,7472 is my target for the next pump (22.03.2021).
All the other targets (positive) are there. Please notice that this isn't trading advice.
It's very important to me, that if you read this long explanation until the end to give me some feedback.
Wish you all the best ;-)
Note
Current Breakout? (on the way to point C of the big ascending triangle)Note
If you don't use trading view and you can't hit the play button and zoom in, you can get an update "exactly as predicted".NOT TRAIDING ADVICE. Just educacional purpose.
Note
Dump came before I was expecting!Things changed!
I now believe that this pump is similar to the "1st" that occured in January.
So we'll have 3 more weeks correcting sideways / downwards...
I'll share the chart soon.
Note
This my next idea.Because we breakdown a big resistance since 28.01, now I compare/"do a fractal" of this "pump" with the first of January. So we might have 3 more weeks of sideways/downwards action.
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