Since topping last year May, XLM has been dominantly trading bearish. During this period, a falling wedge pattern has appeared on the chart.
For now, it's likely that XLM will follow the wedge further after being rejected from the resistance recently. In case we trade down over the coming weeks, I'm looking at the wedge's support area for a potential base of support and following bounce.
Falling wedges are classically bullish reversal patterns, so keep an eye out for a bounce followed up by a bullish break out of the pattern.
Happy trading!
For now, it's likely that XLM will follow the wedge further after being rejected from the resistance recently. In case we trade down over the coming weeks, I'm looking at the wedge's support area for a potential base of support and following bounce.
Falling wedges are classically bullish reversal patterns, so keep an eye out for a bounce followed up by a bullish break out of the pattern.
Happy trading!
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🎯Official Channel: t.me/FieryTradingChannel
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
📈Try my Premium Signals for FREE - 80% Win-Rate: t.me/FT_Futures_free
✅Monster Signals: t.me/monster_cryptosignals
🔥Premium Signals: fierytrading.com
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.