XLM/BTC- 5Month Study - Ceiling Breakout or Drop Beyond Support?
Hi guys,
Quick XLM analysis/update.
Elliot Wave ABC correction currently underway. Based on XLM’s overall fib retracement history, it seems to be quite apparent that XLM will see a retracement to 61.8% fib level in relation to previous impulse. This coincides with EMA55, EMA200 and happens at the end of a 5-month long triangle formation. In order to succeed in reaching targets (below), XLM must break-out of triangle ceiling, if it fails to do this and instead kisses the upper triangle resistance we will see further retracement to 78.6% fib level. This "could" stir up some trouble for XLM as 78.6% fib retracement could potentially mean breaking the support of the triangle and seeing lower-lows. However, this is not a likely scenario, as the market as a whole has been showing signs of improvement and bullish sentiment from investors. So far any, and every correction since the turn has been perfectly aligned with a standard bull market.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***
Quick XLM analysis/update.
Elliot Wave ABC correction currently underway. Based on XLM’s overall fib retracement history, it seems to be quite apparent that XLM will see a retracement to 61.8% fib level in relation to previous impulse. This coincides with EMA55, EMA200 and happens at the end of a 5-month long triangle formation. In order to succeed in reaching targets (below), XLM must break-out of triangle ceiling, if it fails to do this and instead kisses the upper triangle resistance we will see further retracement to 78.6% fib level. This "could" stir up some trouble for XLM as 78.6% fib retracement could potentially mean breaking the support of the triangle and seeing lower-lows. However, this is not a likely scenario, as the market as a whole has been showing signs of improvement and bullish sentiment from investors. So far any, and every correction since the turn has been perfectly aligned with a standard bull market.
- Buy-In range = .00003250-.00003500
Target #1 = .00004726
Target #2 = .00005100
Target #3 = .00005650
Stop Loss = .00002920
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only. it should not be considered financial advice***