Updated

XLM-BTC Looking for Long Opportunities

I am looking to build my holdings in Stellar. Big news due for 2018 as they continue to add new projects to their platform. The recent Mobius Network news they are choosing Stellar over Ethereum was big news. coindesk.com/why-a-39-million-ico-chose-stellar-over-ethereum/. I am also still strong on Ethereum because of its strong development community, first mover advantage and their plans to fix scaling and move to POS in 2018.

Stellar is currently about 10% off its All Time High having been one of the top gainers over the past few weeks. Now is not a good time to buy. RSI is showing oversold on the 8 hour and volume has dropped indicating the bulls have lost momentum.

Price jumped off the cloud nicely on Jan 21st but looks to be losing momentum on that run now. I will be looking for the price to return back to the cloud or KJ line and/or EMA 50. Will also look to see how the RSI is behaving (e.g. divergence).

I do think this coin will make many all time highs this year so will be looking to get in on the next accumulation opportunity. Follow this post for updates.

"Luck is what happens when preparation meets opportunity" Seneca The Younger.
Not investment advice.

Other resources:
onchainfx.com/asset/stellar
coingecko.com/en/coins/stellar

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Quick update on XLM-BTC. As expected it has dropped since I opened the idea (down 18%).

- On 4HR RSI is reaching oversold levels, price has dropped through the KJ and TK and is now testing the cloud

- On 8HR price is looking to test the KJ and the EMA 50 and potentially the top of the cloud. Volume has been low for some time suggesting bears are exhausted.
- I don't think price will drop back to the lower support marked on the 8HR chart as market sentiment seems to be building from the time that low was reached on the 11th & 16th Jan. Could be wrong of course!!

I am going to pick up a small amount to build holdings if the price finds support on the 8HR levels mentioned above.

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Forgot to add link to the 8HR chart. Here it is....

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Price bounced of my top buy zone but lets see how much support it gets. Previous efforts didn't persist and we had further downside. Let's also see if it breaks the downward trend on the RSI marked in red

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We found support with volume in the buy zone so opened trade at 0.00004758.

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The blue support line seems strong and is also above an area of previous high volume. Price will struggle to fall below this level. I am going to place another buy just above this level (0.00004544)

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I took a three week vacation to Cuba and XLM has taken a fairly big dip on this pair since I left.

On chart below we may see support at the dotted light blue line but price could fall down to the blue box. I am placing further buys at this level.

Still plan to hold long term.

Note

- XLM found support at the 0.00002962 level which was previous R before the long rise at end of 2018. It has now found S at the 0.00003077 which was the previous S from the swing low from the ATH.
- The RSI seems to be loosing steam at the 50 level indicating exhaustion of the bulls to push higher.
- Volume is also still very low.

I am still looking for price to drop lower to my 0.00002502 buy level. For three reasons:
- Previous area of strong volume and S / R
- 1 fib level of the trend based fib as shown

S=Support
R=Resistance

Note

8HR Chart:
- Rising Wedge formed which should break to the downside.
- Notice also how RSI is turning down and also has failed to break above this level since the start of the crash in Feb.

Hopeful still that XLM will fall to my buy level.

HackneyCrypto

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HackneyCrypto

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