XLM Kicked Out Of Bullish Pennant. Next Support at 2,600 Sats
In the last week, Bears have managed to force XLM out of the long-standing bullish pennant pattern that has been forming on the 1D XLM/BTC chart since January.
Bullish traders attempted a throwback to the support not long after exiting, but it flipped into a strong resisting point and overpowered the uptrend.
Any hopes of a surging bullish breakout from the pennant have faded (sorry to be a kill joy..)
Global crypto market capital has shed another $4 billion today, there isn't enough investment in the crypto market right now for a strong bullish breakout to happen (realistically).
Asset likely to continue downtrending against the red dotted resistance, towards the next support region below at 2,600.
For the full TA guys, I post all my content on Cryptovest.com
Cheers!
Bullish traders attempted a throwback to the support not long after exiting, but it flipped into a strong resisting point and overpowered the uptrend.
Any hopes of a surging bullish breakout from the pennant have faded (sorry to be a kill joy..)
Global crypto market capital has shed another $4 billion today, there isn't enough investment in the crypto market right now for a strong bullish breakout to happen (realistically).
Asset likely to continue downtrending against the red dotted resistance, towards the next support region below at 2,600.
For the full TA guys, I post all my content on Cryptovest.com
Cheers!