brad.rinker.58

XLMBTC - Bounce or bull trap?

BITTREX:XLMBTC   Lumen / Bitcoin
XLMBTC

Lumen is following a similar pattern to a few others I'm watching ( XRPBTC , ADABTC ), and they all look like somewhat decent buys at the moment. After a large but healthy selloff to cool it down and clean up the froth, the 4hr is telling. The MACD is beginning to bottom, the RSI is near a relatively low point indicating room to run, and price is lifting off the rising 50 period MA after some decent dip buying. I am holding what I own in hopes for a retest of the 6000 area.

The cons to this idea are simple, no volume . There has not been a 1hr candle since the bounce started that is above the 20 period MA of the volume . These coins have had an incredible run, and prices could be getting pushed higher simply for another selloff. We can expect heavy traffic at the 5300 area and the 6000 area if it continues to climb.
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