XLM/USDT Elliott Wave Analysis
Updated
After seeing the ascending triangle forming in XLM/USDT i tried to make and EW count to determine the possible targets, the first target is if we get the height of the small triangle, points for a double top and that's it basically, the second target is if we use the height of the bigger triangle, it coincides with the 0.65 extension of wave 3 projected on 4, a very nice target to take profits, the third target is the projection of the Fibonacci tool when we go from 0 to 3, normally wave 5 hits the 0.618 target and ends the trend, besides being what bots algorithms have as targets, so it will be, most likely, a high supply area, the stop is marked on the graph.
RSI shows plenty of space to grow and is not currently overbought, lets just hope that btc does not fall.
RSI shows plenty of space to grow and is not currently overbought, lets just hope that btc does not fall.
Trade closed: target reached
first target reached!Trade closed: target reached
Second target hit!Trade closed: stop reached
stop reached after hitting 2 of the targets
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