I have been shouting from the street corners "Doom, Dooom, Doooooom" for the past 2 weeks, and some, or many of you are probably thinking "Well if you scream correction everyday, eventually you're going to be correct." The issue is that I have been correct about corrections occurring, but woefully incorrect as to their actual targets. It took several days, and actually a couple weeks to see that .32 is only now coming into proximity, and that the weeks before were normal, consistent bounces that are expected from a Peak.
Dumping to .315 and then rocketing to .47 in a matter of days is expected. Retracing to .38, bouncing to .43 and trading sideways are all normal. The amount of time was unexpected, but the actual behavior, especially if converted to percentages is very expected. My problem, I recognize now of course, is that i expected things to happen at an accelerated rate because that has been the practice for the past few spikes in price. However, what wasn't anticipated was BTC's continuous rise, and subsequent bounce to slightly higher ATH. Now that BTC is firmly in it's channel it makes more sense that XLM would behave the way it has. That being said, BTC and XLM have been trading sideways, and with BTC failing to hit the top of the channel this last time, indicates a retracement to some degree, or at the very least a retest of the diagonal bottom of the channel. That potential is the move we have been waiting for with XLM, and we can reasonably expect the journey to .32 has officially begun.
There are more reasons for this. We just hit .438, then .425 and are retracing as we speak following the larger downward triangle trend. That trend has not broken in the past month, and will continue to remain true until we hit a double bottom. Will there be more bounces? Likely, is it a straight shot to .32? No. But the evidence is pointing to a double bottom before continuation, and this holds true for XLM as it does for BTC.
I think in the short term, even if we spike to .47 that would not invalidate this assessment. Crypto follows it's own set of rules, and although I do not pretend to know them, some truths have never been broken and the double bottom of Alt Coins is one of them!
TL:DR Our trajectory to .32 is locked.
Dumping to .315 and then rocketing to .47 in a matter of days is expected. Retracing to .38, bouncing to .43 and trading sideways are all normal. The amount of time was unexpected, but the actual behavior, especially if converted to percentages is very expected. My problem, I recognize now of course, is that i expected things to happen at an accelerated rate because that has been the practice for the past few spikes in price. However, what wasn't anticipated was BTC's continuous rise, and subsequent bounce to slightly higher ATH. Now that BTC is firmly in it's channel it makes more sense that XLM would behave the way it has. That being said, BTC and XLM have been trading sideways, and with BTC failing to hit the top of the channel this last time, indicates a retracement to some degree, or at the very least a retest of the diagonal bottom of the channel. That potential is the move we have been waiting for with XLM, and we can reasonably expect the journey to .32 has officially begun.
There are more reasons for this. We just hit .438, then .425 and are retracing as we speak following the larger downward triangle trend. That trend has not broken in the past month, and will continue to remain true until we hit a double bottom. Will there be more bounces? Likely, is it a straight shot to .32? No. But the evidence is pointing to a double bottom before continuation, and this holds true for XLM as it does for BTC.
I think in the short term, even if we spike to .47 that would not invalidate this assessment. Crypto follows it's own set of rules, and although I do not pretend to know them, some truths have never been broken and the double bottom of Alt Coins is one of them!
TL:DR Our trajectory to .32 is locked.