Seems like Stellar is trying to break out (XLM-BTC)
XLM is makin bullish wolfe pattern. The market has reacted to play it out today and we have seen the first upper movement for a breakout from this falling wedge. Today seems like there are a resistance from SMA 20. The volume is nice, but take a note that volume also includes the rejection from SMA 20. RSI on daily going up steeply which is expected at such of breakout.
On 1H a bullish 20-200 cross happened and 50-200 is about to happen, also in 4h af bullish 20-50 crossover about to happen.
The only thing concerning me about this playout to failure is, that I am expecting BTC to fall, and could be the reason to market to go hiding again.
Profit taking zone is where the dotted line meets the estimated time arrival zone. You could take profit earlier when price reaches 50 SMA.
Stop is placed where it is clear that the breakout failed.
On 1H a bullish 20-200 cross happened and 50-200 is about to happen, also in 4h af bullish 20-50 crossover about to happen.
The only thing concerning me about this playout to failure is, that I am expecting BTC to fall, and could be the reason to market to go hiding again.
Profit taking zone is where the dotted line meets the estimated time arrival zone. You could take profit earlier when price reaches 50 SMA.
Stop is placed where it is clear that the breakout failed.
Trade closed: target reached:
Target hit the dotted line. In 20 % profit in btc and 29.5 % profit in USD.
Enjoy your profit.
Enjoy your profit.