Lumen showing repeating pattern from last blow off top

BITTREX:XLMBTC   Lumen / Bitcoin
642 11
Don't get it twisted, XLM is my coin. but i see a longer period of consolidation, at least in btc price.

Very clear bear divergence on MACD . No volume to justify price increase.

some TA here shows a channel for xlm up to 5500 area. I'd watch that level and sell at the first sign of LL and LHs.

At minimum, you can wait for it to reach bottom of the channel and reenter.

At maximum you can let a longer consolidation period play out. you could 2x-3x your XLM stash in this scenario.

worth it.
Quite different actually.
+1 Antworten
whoisthelorax cryptocents

Please, the suspense is killing me!

What do you see different?
cryptocents whoisthelorax
@whoisthelorax, Well friend the first spike was done on very little volume, the second spike had much higher volume. Low volume spikes are less stable than higher volume spikes. The first spike took approx. 2 weeks from beginning to end, The second is still ongoing at over 4 weeks. 3rd, I see in the second spike huge resistance from the downside being sustained that indicate weak hands leaving the trade. During the 1st XLM spike BTC nearly doubled in price, Many Alts took a hit yet in the second spike BTC lost about 40% from about Jan 3 - Jan 22nd and XLM held its ground, even gaining around 25% in the few days after. There has also been growth from the Stellar team and community that gave stable volume. Yes at 1st glance it does look familiar. But if we dig into the root and cause of such spikes we can find clues that help broaden our picture and perspective about Alts as a whole.
whoisthelorax cryptocents

Your identification of btc going up in price while xlm went through it's surge is even more reason to look for consolidation.

Consolidation is healthy in a bull market. Xlm went up nearly 100x in USD value in 3 months.

Just like eth, neo and all the other legit coins that went on a bonkers bull run, there needs to be a multiple month period of consolidation. The moving averages need to catch up, the weekly and monthly chart indicators need to reset.

cryptocents whoisthelorax
@whoisthelorax, I understand, consolidation is normal, but that does not mean the price will decrease significantly.
Northside whoisthelorax
@whoisthelorax, Also keep in mind the spike in May was due to an airdrop of lumens.

Hello mr whoisthelorax . What price do you think will arrive in the next 10 days? I'm a Stellar fan too.

Very hard to say.

I've been surprised by the bullish action so far.

In my opinion btc is headed to sub $7k prices in the next few days and then there will be the actual bounce everyone is waiting for.

So xlm could easily dip below 30 cents again because every coin gets trashed during a btc dump.

It keeps bouncing hard after every btc dump, so sub 30 would be temporary.

I think 40-50 cents is likely in the coming couple of weeks.

The xlm/USD chart puts 45 cents at a pretty important point of support/resistance, depend in on which side of the line you're on.
whoisthelorax whoisthelorax
Long term, xlm will continue to be a top 10 coin, which will be saying something because the competition is only going to get stiffer.
damn. those weird symbols on the chart should be arrows pointing to the upward sloping channels.
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