I am back with another chart, this time on Stellar Lumens. I was checking some charts and found the XLM graph pretty interessting.
This is the third time in 15 days, that XLM has formed Flag pattern. Maybe even a good day trading.. You should keep an Eye on Volume,RSI and the upper yellow Line.
"The flag stock chart pattern forms through a rectangle. The rectangle develops from two trend lines, which form the support and resistance until the price breaks out. The flag will have sloping trend lines, and the slope should move in the opposite direction to the original price movement. Once the price breaks through either the support or resistance lines, this creates the buy or sell signal."
Buy - Its hard to tell now, But I feel Like 3500 - 4000 Satoshis. Targets - 4900 and 6100 Satoshis.
If you agree, or dissagree comment bellow, I would really like to know your own opinions! If this Chart gets a little bit of attention, I will update!
Thanks!
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BitCoin Falling, Everything else falling, could been a great trade.
Indeed. Let's just wait now. I've taken out all my trades.
whoisthelorax
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my personal opinion is that if btc dumps to 8k as many suspect is on the horizon, we will pierce through the support at 3k satoshi and strike the 50 day MA. this could easily be the catalyst for the next impulse up
TiborVrbovsky
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@whoisthelorax, of course, if btc hit 8k Xlm will also, but my chart is based on current values, dont feel like btc can hit 8k.
whoisthelorax
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Looking at the bigger picture, still in wave 4 and with BTC still bearish short term, i don't see xlm ending wave 4 yet.
look at .5, .618 as possible fib retracement targets (roughly 3k and 2.5k satoshi)
we have been flying high without a trend line touch or a 50/100/200 ma touch in a long while. I see further downside.