Technical Analysis on Stellar (XLM): Reaching Another Key Zone

Stellar has had a good run since Coinbase announced it might list the popular cryptocurrency. Now that the FOMO is wearing off, we’re about to see if the bulls can defend some of their gains.

Stellar has been correcting for just over 1 week. It’s now reaching the 0.618 fib level. This is a logical place to expect a bounce, however, we can see price has already penetrated this zone by a wick. This tells me many of the buy orders were taken out, and there was very little follow through. As it tests this zone again, we will either see a strong bounce (possibly a double bottom), or price will collapse down to at least 3310 satoshi.

Looking at the 1 day RSI, we can see it’s testing the ascending resistance. If this can hold, it’d be a very big win for the bulls...but I’m not holding my breath.

Zooming out on the daily chart, we can see price is operating within a larger wedge. I’m expecting price to remain in this wedge until at least late August...possibly early September. From there, I’d expect a larger move up or down. My bias is up as I’m extremely bullish on Stellar longterm.

In today’s video analysis, I discuss short term price movement, traps to avoid and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.

Video Analysis:

If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or https://mentormarket.io/profile/@workin2005?aff_id=Workin2005 in order to watch.

BIAS:

Short Term: Slightly Bearish
Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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