XLM - Scalp Opportunity
Updated
Afternoon all,
It's been a hot minute, alot's happened in the past month, purchased my first home, as well as a layoff from my engineering gig, needless to say I've been busy, my apologies for being MIA!
As long as BTC continues going sideways, I'll be focusing on alt's. Let me first be clear, I expect further down, or sideways trading from BTC. If it continues to trade sideways, we should continue to see growth in alts.
With that in mind lets dive in.
XLM is currently trading in a corrective triangle, we have a symmetrical triangle inside of a crude ascending triangle. I have not done a wave count just yet, but based on technicals, it looks good, I've entered long @ 2934.
Key notes:
1) All EMA's support further up movement - 55,21,13,8 - as well as traditional, 20,50,100,200. Check hourly of traditional to see what I'm referring too.
2) First resistance I expect @ 2975-2977 zone, if we do not break that level on this next run, I will exit at these levels for a small profit. This will confirm we are in a corrective triangle, and this coin should not be traded until clearer signals arise.
3) If you check Bollinger Bands, you will see volatility has ended, a large move is about to happen.
Targets:
1) My first target is @ 2977, if failure to break there, I will sell, and I anticipate a break downwards out of the crude ascending triangle.
2) My second target will be the 0.5 FIB of the latest bearish impulse, which is roughly @ 3056.
3) Lastly, my third target will be the golden pocket @ 0.65 fib zone @ 3170 area.
As always, if you find my ideas helpful, please support me by hitting the like and follow button.
It's been a hot minute, alot's happened in the past month, purchased my first home, as well as a layoff from my engineering gig, needless to say I've been busy, my apologies for being MIA!
As long as BTC continues going sideways, I'll be focusing on alt's. Let me first be clear, I expect further down, or sideways trading from BTC. If it continues to trade sideways, we should continue to see growth in alts.
With that in mind lets dive in.
XLM is currently trading in a corrective triangle, we have a symmetrical triangle inside of a crude ascending triangle. I have not done a wave count just yet, but based on technicals, it looks good, I've entered long @ 2934.
Key notes:
1) All EMA's support further up movement - 55,21,13,8 - as well as traditional, 20,50,100,200. Check hourly of traditional to see what I'm referring too.
2) First resistance I expect @ 2975-2977 zone, if we do not break that level on this next run, I will exit at these levels for a small profit. This will confirm we are in a corrective triangle, and this coin should not be traded until clearer signals arise.
3) If you check Bollinger Bands, you will see volatility has ended, a large move is about to happen.
Targets:
1) My first target is @ 2977, if failure to break there, I will sell, and I anticipate a break downwards out of the crude ascending triangle.
2) My second target will be the 0.5 FIB of the latest bearish impulse, which is roughly @ 3056.
3) Lastly, my third target will be the golden pocket @ 0.65 fib zone @ 3170 area.
As always, if you find my ideas helpful, please support me by hitting the like and follow button.
Trade closed: target reached
Target reached @ 3170
If you find my information helpful, please return the favor and hit the like and follow button, it's very encouraging and keeps me motivated!
Twitter: twitter.com/Jedi_ant
Twitter: twitter.com/Jedi_ant
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