XLM USD - Bulls update - New Alt High
Hello traders and analysts.
Key:
Purple = weekly
Blue = Monthly
Orange = Daily
grey = 4hour
pink = 1 hour
See our tracking of XLM or Stellar Lumens
The original idea is here for 2021:
Current position:
Original idea
XLM 4 hour perspective
What has been happening with XLM?
The chart shows us:
Maxed out upon a weekly level to our -0.27 Fibonacci zone at $0.42, where a price engineering upon an important zone was necessary to tail off in order to keep the bulls in the market.
The Fibonacci low of $0.23
upon this price retraced back to our 61.8% zone and continued to reject higher at the 0.382% as the market is creating higher lows.
Zones to watch on weekly:
$0.28 or 0.34 - a new extension has been made here so price and return to find a strong zone of support.
Where is price heading now?
Looking to match or break the all time high. [now completed] From here the extension targets are set for profit taking or holding further.
It looks like we will be holding further for an over extension with a new buy imbalance where our weekly zone is the new imbalance (see below).
The bullish scenario of the path using this new imbalance may be a possibility. Where a good probability of another additional trade will be looked for.
Bearish scenario:
Where our imbalance wick as the previous all time high will need filling. The route can be shown here utilising the previous price action on the daily retracing back to two key zones (one being the 50% Fibonacci) which has a strong demand for price to create a new bullish positional move. Or the second option between $0.40 and lows of $0.35 shows a good retracement for a loading for the bulls.
Why follow us?
If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes.
Regardless we will continue producing analysis.
Thanks,
Team LVPA MMXXI
Key:
Purple = weekly
Blue = Monthly
Orange = Daily
grey = 4hour
pink = 1 hour
See our tracking of XLM or Stellar Lumens
The original idea is here for 2021:
Current position:
Original idea
XLM 4 hour perspective
What has been happening with XLM?
The chart shows us:
Maxed out upon a weekly level to our -0.27 Fibonacci zone at $0.42, where a price engineering upon an important zone was necessary to tail off in order to keep the bulls in the market.
The Fibonacci low of $0.23
upon this price retraced back to our 61.8% zone and continued to reject higher at the 0.382% as the market is creating higher lows.
Zones to watch on weekly:
$0.28 or 0.34 - a new extension has been made here so price and return to find a strong zone of support.
Where is price heading now?
Looking to match or break the all time high. [now completed] From here the extension targets are set for profit taking or holding further.
It looks like we will be holding further for an over extension with a new buy imbalance where our weekly zone is the new imbalance (see below).
The bullish scenario of the path using this new imbalance may be a possibility. Where a good probability of another additional trade will be looked for.
Bearish scenario:
Where our imbalance wick as the previous all time high will need filling. The route can be shown here utilising the previous price action on the daily retracing back to two key zones (one being the 50% Fibonacci) which has a strong demand for price to create a new bullish positional move. Or the second option between $0.40 and lows of $0.35 shows a good retracement for a loading for the bulls.
Why follow us?
- 10 years combined analysis experience in world markets.
Technical breakdowns using our strategy
Ignore majority of fundamentals.
Trade for swing, positional trades.
Update our explanations where we can.
Keeping things simple for ourselves and you.
If you like our work, please leave a like or comment. To all our followers, we appreciate the follow and likes.
Regardless we will continue producing analysis.
Thanks,
Team LVPA MMXXI
Related publications
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.