Trend Analysis
The main view of this trade idea is on the 2-Hour Chart. The cryptocurrency Stellar (XLM) is in an ascending triangle setup, with the resistance line around the 0.326 level and the support trend line making higher lows from 0.26 and 0.3. Expectations are for a breakout, with XLM rallying towards 0.4. This setup will fail if XLM were to decline to below 0.3, towards 0.28.
Technical Indicators
XLM had positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The cryptocurrency is currently trading above these MAs. The RSI is above 50 and the KSTY recently had a positive crossover. These technical indicators support the bullish view on XLM.
Recommendation
The recommendation will be to go long at market, with a stop loss at 0.28 and a target of 0.4. This produces a risk/reward ratio of 1.59.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in XLM.
The main view of this trade idea is on the 2-Hour Chart. The cryptocurrency Stellar (XLM) is in an ascending triangle setup, with the resistance line around the 0.326 level and the support trend line making higher lows from 0.26 and 0.3. Expectations are for a breakout, with XLM rallying towards 0.4. This setup will fail if XLM were to decline to below 0.3, towards 0.28.
Technical Indicators
XLM had positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The cryptocurrency is currently trading above these MAs. The RSI is above 50 and the KSTY recently had a positive crossover. These technical indicators support the bullish view on XLM.
Recommendation
The recommendation will be to go long at market, with a stop loss at 0.28 and a target of 0.4. This produces a risk/reward ratio of 1.59.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in XLM.
Trade closed: target reached
Target Met. Move stops to Break Even and monitor for a change in trend.
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.
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.