XLM retracement
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Stellar has been ranging in the yellow box since the beginning of July 2019 and is very much due for a breakout/-down. And there are many factors that come into play here.
- MACD indicator show the 12-day EMA is crossing below the 26-day EMA. In 2020 this has led to a period of downward momentum twice. As shown by the yellow arrows on the MACD.
- Each time this happened, Stellar retraced back to either the bottom of the channel (daily support @ 595 sats) or to the middle of the channel (daily support @ 711 sats). As shown by the yellow circles.
- Should this happen again, we'll see a nice retracement towards either 711 sats or 595 sats.
Either way, I'll be setting my buy order just above 711 with a SL of about 2%. If my SL is filled, I'll place a new buy order just above 595 sats, with a SL of about 2%.
Targets will be the daily levels shown on the chart.
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Stellar has been ranging in the yellow box since the beginning of July 2019 and is very much due for a breakout/-down. And there are many factors that come into play here.
- MACD indicator show the 12-day EMA is crossing below the 26-day EMA. In 2020 this has led to a period of downward momentum twice. As shown by the yellow arrows on the MACD.
- Each time this happened, Stellar retraced back to either the bottom of the channel (daily support @ 595 sats) or to the middle of the channel (daily support @ 711 sats). As shown by the yellow circles.
- Should this happen again, we'll see a nice retracement towards either 711 sats or 595 sats.
Either way, I'll be setting my buy order just above 711 with a SL of about 2%. If my SL is filled, I'll place a new buy order just above 595 sats, with a SL of about 2%.
Targets will be the daily levels shown on the chart.
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