XLM getting reading for a new ATH

XLM is a strong crypto asset in and of itself, worthy of a long-term hold. However, it's also at a really great entry point right now.

You can see XLM has been in a steady up-trend. Furthermore it made a new high, retraced, and is on its way back up. Looking at a 1 day chart it is a fairly obvious W formation, which indicates the previous ATH will be broken on the second leg.

It is currently forming a bull pennant and getting ready for its next leg up, although the move may take another day or two.

Basis: W formation, strong underlying, bull pennant.

• Target 1: 6250 (62.5K satoshi)
  
• Target 2: 6800 (68K satoshi)
  
• Target 3: 7500 (75K satoshi)
  
• Stop loss: 5000 (50K satoshi)
  

Zlecenie aktywne:

Actually entered this position at the 5K break.

We're already seeing a pennant break here!

Komentarz:

So while the pennant break was false, it's probably safe to reason that the decrease in price is due to a move into BTC as it pumps.

As a rule, when BTC rises alts fall, but alts soon regain their previous value and more so as more money flows into the alts back from BTC.

We are still on track to break our short-term high and reach our previous ATH this next week:

Keep in mind BTC prices. Most trading predictions indicate that when BTC reaches 14-15K it will begin a sharp decline to 8-9K levels. When BTC hits 14K, regardless of where XLM is, it may be time to consider closing any existing long positions.

Komentarz:

Unfortunately we have been floating mostly sideways this weekend. I still have confidence in XLM, but consider any break below the supporting trendline without any recovery as your time to pull the rip cord.

Zlecenie aktywne:

Now this, gentleman, is called stop loss hunting:

When I see stop loss hunting it gives me confidence in a bull move coming, so I'm still very bullish on this.

Zlecenie aktywne:

XLM is struggling to try and break this bear channel. It really wants to make another bull move but it needs some volume behind it before it can do anything. There is strong support in the 5000-5050 range, however, so keep an eye on it.

Transakcja zakończona: osiągnięto poziom stop:

So my stop fell through last night on weak volume. Despite my long-term bullish feeling on XLM, as a swing trader its important to honor my stops.

Next major levels are the 4700 mark and the 400 mark. Look or bounces at both levels for a chance to re-buy at a discount when this thing goes lunar.

Sorry guys, can't win them all!