XLM Parabolic Run and Correction
Greetings everybody! I have been hesitant to write for the past few days despite carrying out the idea I am going to enumerate upon. I hesitated because to be perfectly honest I am not as familiar with parabolic or bull run movements as my entire experience with crypto has been bag holding since 2018 haha! That being said, I have been making some successful trades here and there with this bull run and especially since XLM hit the ATH of .608. To that end I noticed something that I have brought up in other ideas previously that seem to carry true no matter what and I would like to share those with you all!
One thing I had assumed during all of this is that the low point for XLM, if this is to be a parabolic continuation, must hit at least .32 before bouncing back up. That occurred last month during the initial dip that took approximately 7 days to achieve. However, we didn't immediately begin the rise to new ATH did we? That is because there is a period of accumulation, FOMO, and other behaviors that would ultimately drive the prices up to a local high and then come right back down. Why would this happen? Again, it is the FOMO, bounce behavior, etc. There is another reason though: there must be a double bottom before a continuation can occur. That is the bottom line and it has held true for the last 2 peaks and every other bull movement we have had in this market. It is true for BTC it is true for XLM, XRP, ETC, etc. However, I did have my doubts when we hit .47, I let fear take hold of me as well as disbelief and I did not capitalize on that movement as I should have because I thought "surely this is the continuation occurring early?" Turns out there is no such thing or possibility, only the illusion.
The XLM rise to .47 was a bull trap, or perhaps a bear trap I am not as well versed with the terms as I would like to be but it certainly was a trap and I certainly fell for it haha. In either case the price dropped and stayed at relatively low ranges building a pattern that was very similar to the previous crawling behavior of the last parabolic rise, which gave rise to more fear and FOMO. Ultimately, it would peak at .438 and the rest is history. Now the only place for an of the cryto coins to go is their previous local bottom: or lower. The issue here becomes: is the Parabola still in effect, or are we in a deep correction? I do not have the answer to that question. I know if we hit .32 and maybe a little lower but stay above .3 for a day that is a strong indication that the parabola is still in play. However, if we dip into the upper .20's or lower then it is likely we will see a 70% or greater retracement that will last a week or 2 and be a race to the bottom. What I can say is this with a very strong sense of surety: we will hit .32, we will likely dip below that, but in my opinion the Parabola is still in effect until we dip below .27 then it's likely a race to the bottom.
What do you guys think?
*Disclaimer* Not financial advice, trade at your own risk!
One thing I had assumed during all of this is that the low point for XLM, if this is to be a parabolic continuation, must hit at least .32 before bouncing back up. That occurred last month during the initial dip that took approximately 7 days to achieve. However, we didn't immediately begin the rise to new ATH did we? That is because there is a period of accumulation, FOMO, and other behaviors that would ultimately drive the prices up to a local high and then come right back down. Why would this happen? Again, it is the FOMO, bounce behavior, etc. There is another reason though: there must be a double bottom before a continuation can occur. That is the bottom line and it has held true for the last 2 peaks and every other bull movement we have had in this market. It is true for BTC it is true for XLM, XRP, ETC, etc. However, I did have my doubts when we hit .47, I let fear take hold of me as well as disbelief and I did not capitalize on that movement as I should have because I thought "surely this is the continuation occurring early?" Turns out there is no such thing or possibility, only the illusion.
The XLM rise to .47 was a bull trap, or perhaps a bear trap I am not as well versed with the terms as I would like to be but it certainly was a trap and I certainly fell for it haha. In either case the price dropped and stayed at relatively low ranges building a pattern that was very similar to the previous crawling behavior of the last parabolic rise, which gave rise to more fear and FOMO. Ultimately, it would peak at .438 and the rest is history. Now the only place for an of the cryto coins to go is their previous local bottom: or lower. The issue here becomes: is the Parabola still in effect, or are we in a deep correction? I do not have the answer to that question. I know if we hit .32 and maybe a little lower but stay above .3 for a day that is a strong indication that the parabola is still in play. However, if we dip into the upper .20's or lower then it is likely we will see a 70% or greater retracement that will last a week or 2 and be a race to the bottom. What I can say is this with a very strong sense of surety: we will hit .32, we will likely dip below that, but in my opinion the Parabola is still in effect until we dip below .27 then it's likely a race to the bottom.
What do you guys think?
*Disclaimer* Not financial advice, trade at your own risk!
Disclaimer
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