Stellar Hits Potential Reversal Zone
Looking at Stellar (XLMBTC), we have multiple signals that support a reversal point, meaning, the uptrend can resume here... Let's take a look.
First, prices stopped just at MA200, which was a strong resistance now turned support.
This level has been tested and prices are moving up.
XLMBTC is now also trading above EMA10 and EMA50.
The same level/price where MA200 lands on is also the 0.618 Fib. retracement level for the last bullish wave, this is normally a strong reversal level.
Prices can go lower and hit 0.786 Fib. but if the market sentiment is turning really bullish the reversal can happen sooner.
The arrows on the chart represent the main two bullish scenarios I consider possible right now.
I share the bullish only and not the bearish because the trend and tendency of the chart are bullish.
If the chart were bearish I would show the bearish scenario but still remain open to the other possibilities, in order to be prepared with defined steps on which actions to take when a certain event happens rather than trying to guess what to do on the spot... Always prepare beforehand.
Namaste.
First, prices stopped just at MA200, which was a strong resistance now turned support.
This level has been tested and prices are moving up.
XLMBTC is now also trading above EMA10 and EMA50.
The same level/price where MA200 lands on is also the 0.618 Fib. retracement level for the last bullish wave, this is normally a strong reversal level.
Prices can go lower and hit 0.786 Fib. but if the market sentiment is turning really bullish the reversal can happen sooner.
The arrows on the chart represent the main two bullish scenarios I consider possible right now.
I share the bullish only and not the bearish because the trend and tendency of the chart are bullish.
If the chart were bearish I would show the bearish scenario but still remain open to the other possibilities, in order to be prepared with defined steps on which actions to take when a certain event happens rather than trying to guess what to do on the spot... Always prepare beforehand.
Namaste.
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