Since the 26th we've been bouncing between a clearly defined and tightening range on the 4HR time frame and staying right up against the 12 and 26 period EMAs. Looks good but I am cautious.
Support: .24027 .23132
Resistance: .26582
Volume: declining
RSI 53 with a slight move upwards----neutral with a VERY mild bullish bias
If this tightening pattern breaks bullish I expect it to make a run for the .30 mark. Until BTC moves towards the 7k zone I don't anticipate much beyond this possible push to .30.
Personally I'm bullish on XLM long term, but like I always say, until BTC breaks out of its weekly downtrend I am extremely cautious in the short term. If I were trading this I would try to get in and get out quickly, setting a tight stop loss and making the .30 cent area my target to take profit.
Support: .24027 .23132
Resistance: .26582
Volume: declining
RSI 53 with a slight move upwards----neutral with a VERY mild bullish bias
If this tightening pattern breaks bullish I expect it to make a run for the .30 mark. Until BTC moves towards the 7k zone I don't anticipate much beyond this possible push to .30.
Personally I'm bullish on XLM long term, but like I always say, until BTC breaks out of its weekly downtrend I am extremely cautious in the short term. If I were trading this I would try to get in and get out quickly, setting a tight stop loss and making the .30 cent area my target to take profit.
Note
Nice bounce underway! It remains to be seen just how far to the upside we go though. I knew this was going to break, I just didn't know to which direction. Would be cool to actually get to .30 but not sure. Large upper wick on the hourly candle indicative of profit taking.
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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.