razuman

Stellar Lumens / USD neutral at the moment

POLONIEX:STRUSDT   Stellar / Tether USD
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Looking at the daily chart we can see there is no significant trading volume in stellar at this time - this is an overall bad sign. Also the death cross is uppon Stellar as is happening with many other cryptos (possibly will not have a huge impact ), but I´d like to see some support on the 200 MA before commiting to a trade.

Recently the 200 day MA has been broken without offering significant support (only one bounce), and has shown to be resistance on one ocasion. The RSI is approaching a significant point, that has been reactive as ressistance and support on previous occassions. In my opinion I can´t see significant traction to overcome this barrier at this time.

Currently the 78.6 % fibonacci retracement is offering support, and if this is broken we are likely to slide down to the 88.3 %, which is a common point for cryptocurrency retracements.

At the moment I can´t see justification to put my money into Stellar with so little volume and bears dominating this space. If I were to be very bullish on this crypto, I could look for a daily low and place a stop loss below the 78.6, but personally I will wait for a bit over the 88.3%.


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