In one of my previous articles I called the bottom for XLM and highlighted that the first reversal upward move would occur - subsequently we saw a 50% move upward (so I hoped you followed my lead! :-) ), which then consolidated a bit and decreased somewhat in price. As one can see from the graph, the extent of this drop could be reasonably predicted up front, by taking into account the longer term trend channels and resistance/support lines. In the grey boxes, I show some examples of these.
As we can see now, XLM is in a short term upward trend and it is trading at the bottom of this channel + it has the 61,8% Fibonnacci retracement level going for it. Moreover, the MACD signals a second upward move coming nearer.
Given the strong fundamentals of Stellar Lumens (definitely have a look at the Stellar Consensus Protocol white paper by Stanford professor David Mazières), I am long on this crypto gem.
How about you?
(note that this is by no means to be taken as formal investment advice) Happy trading!
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By the way, (educationally) I also wanted to show you what happened at the break-out and what is typical when such a break-out occurs.
--> On the 11th of January more or less around 8am, you can see the price spike, if you would look closer you would see that the price breaks the upper triangle resistance, then falls back a little, and then does its "skyrocketing" move where it jumps strongly and immediately.
--> This is what we typically see when the upper triangle resistance is broken (first a test of the line as support, and then JUMP!)
happy investing!
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Due to the large overall market sell-off, also XLM is hit - as you can see the 61,8% Fibonnacci line now acts as support. If price would fall any further, the trend line just beneath it (with 41715 satoshi as more or less the lower bound) will take over the support role.
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I ment 0,xxxx ETH of course (graph is XLMETH) :-), not satoshi
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As we can see, price just bounced back from the low trend line! (position 16/01/2018 4am)
@johnjlee, indeed! I also just heard about it! great for our predictions of course :-D
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Great call, BTW. I'm long Stellar too... I made a YouTube playlist on Stellar (that I'm still editing) and have started to share it goo.gl/hhZSzj in case you're interested in sharing it too. All the best