One of my favorite coins, XLM!Thought I might as well post charts for my other coins, just so people can follow along if they wish, but mostly to catalogue my good and bad moves (as well as WHY I made them at the time). Then I won't have to keep making more charts, and I can just post regular updates. These are my setups for the next bull cycle anyway.
Stellar Lumens is by far one of my favorite coins. It's one of the cryptocurrencies that I expect to use some day in the not so distant future, which is why I hope to accumulate more. I love their mission, and it has really been a savior in my portfolio during this bear market because support for it has been so ridiculously strong. I originally sold around 4000 satoshis when I thought it would go lower, but it ended up holding up much stronger than any of my other coins. Ended up entering in the 3000-3600 range. This is a long term hold for me, and I have also considered consolidating some of my other coins into XLMBTC.
As for analysis, XLMBTC has clearly broken out of the pennant it has been developing all year. It even tested it as new support after making a slightly higher high. Right now, we seem to be forming another pennant or ascending triangle outside of the original larger triangle. This is very bullish until proven otherwise. Soon I expect a breakout towards a new higher high, with a pit stop around 5k, which is pretty much the only resistance over head at this point, as 4k has been continuously weakened.
BUY:
3600-3800
STOP LOSS: I'm hesitant to suggest any stop loss in crypto, as sometimes there are major flash crashes to test supply before a run up (see LTC last December). However, to avoid risk, a sustained breakdown below 3000 would not look good.
SELL:
5000 breakout target
7000
10000+ If we make it up there.
3000 and below, IF we get selling momentum. Rebuy on new bottom.
This is not a recommendation to buy or sell. This is one of my personal investments, and what I expect to happen. I am not responsible for your own financial decisions. My scenario may very well not play out. This is more for myself than anything else, but I hope that I can provide some insight on trading psychology, particularly with my updates.
-Victor Cobra
