In the previous idea we defined the current reversal zone as 6950-7100. Overnight the price dropped to 7040, triggering some limit orders: I still expect the bottom to be formed in the next couple of days. There a couple of technical readings to consider:
Key Support Area
Bullish Divergence (RSI, MACD)
Falling Wedge pattern
Volatility Squeeze Pattern. When this pattern emerged last time, the price plunged. This time the opposite is expected.
Breakout from the wedge may serve as a trigger for longs.
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Mind that we may still be missing one wave down as part of Ending diagonal triangle pattern. Be sure to place appropriate (safe) SL orders.
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Stellar (XLM) looks very promising for medium-term trading:
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So far, so good. Important intraday levels here:
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EOS smashed by 'epic' vulnerability reports today. Be sure to set alerts for this potential H&S bottom:
Is your current most likely reversal scenario still around 6950-7100 i.e. more likely than for example somewhere around 6500? I find 6500 or lower a bit more likely even if we bounce a little bit on 7k because of the resistance we will face around 7600 (see chart below).
Also the channels you draw from the beginning of your waves doesn't seem to have many confirmations. Is this a bit irrelevant in your opinion as it still defines a range? Or how do you rate the validity of these channels?
Is your current most likely reversal scenario still around 6950-7100 i.e. more likely than for example somewhere around 6500? I find 6500 or lower a bit more likely even if we bounce a little bit on 7k because of the resistance we will face around 7600 (see chart below).
Also the channels you draw from the beginning of your waves doesn't seem to have many confirmations. Is this a bit irrelevant in your opinion as it still defines a range? Or how do you rate the validity of these channels?