Stellar Lumens XLM Analysis - Cryptocurrency Day Trade Opportunity
Stellar Lumens (XLM) (https://www.stellar.org) the blockchain platform similar to Ethereum which had its coin dormant for a while had a price break out a couple of days ago .
We have seen a steady rise that increased in speed yesterday rising faster and then faster and faster up to the peak of 575 satoshis, approximately 100% above its take off price.
Then we saw a correction which people could call a dump but surprisingly a support at 433-465 area that lasted around 5 hours before we got back in the bullish game.
What is not obvious to the eye is the confirmation of the end of the bear trend turning into a bull trend, today Oct-07 around 15:45pm UTC-7. This is my personal technique which consists in considering the less optimistic trend (the first green arrow up with the smallest angle) crossed by the red down trend arrow. One could say that the cement of the confirmation would be the MA50 being crossed by the EMA10, yeah we would have lost a few satoshis on our entry position if we waited for that. That confirmation came only 3,5 hours later.
I'm not even gonna go into the proportions of the uptrend speed increase in relation to the golden ratio to avoid running the risk of sounding like an astrologer. Yes, sorry I don't believe in that. ;-)
In short: I am very optimistic on this new up trend.
For the day traders, keep an eye on possible resistance at the ceiling of 573 satoshis. At the slower pace we are going up, a more promising less frenetic speed, I believe there are good chances of breaking that mark. Corrections are always expected so keep an eye on your stop losses.
For the hodlers (not a typo!), there are good rumors of Stellar Lumens partnerships until the end of the year and the Mobius ICO coming November 8th (https://mobius.network) over the Stellar Platform. Solid project, promising ideas!
The Full Sized chart + TA analysis
https://ibb.co/duB3Lb
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This is not financial advice!
Invest and trade at your own risk. NOBODY is right all the time. They only have to be right a few times and have a great strategy and risk management to make money. Be careful, invest at your own risk.
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