STELLAR Price Analysis 26/07/2020
Hello there my fellow friends!! Hope you guys are doing alright. 😃
This is your friendly neighborhood Lj for your daily dose of Price Action of interesting crypto. 😃
For this segment, I would like to discuss about the recent break out of XLM or Stellar against BTC.
We are looking at a weekly chart right now, that means in every candlestick is 1 week.
As we can see, it recently had a nice and successful break-out from the big range since the bottom of September 2019.
It is currently doing a slow U-shapre recovery.
The volume spike also is very good as we can see in the green circle.
This indicates that the break out has more conviction from the buyers so there is a bigger probabilty that this will sustain in the future.
The momentum is also looking good.
The Weekly RSI and MACD are both still going up.
I think the optimal price to participate in this is in the 1,000 Satoshi area.
That would be a really good entry if the price revisited that area.
The risk to reward can also be quite good.
If all goes well, we can possibly catch a 55% profit if it goes back to the last support of 1,500 Satoshi.
As always, it is wise to have a proper risk management when participating in the markets.
And always have a plan before entering either technically or looking at the fundamentals of the coin/token.
If you want some chart requests or want me to analyze some coin or asset, just comment below and I will post it next.
Thanks!😃
Till next time,
Cheers!! 😃
Disclaimer: This is not a financial advice and for educational purpose only.