XLM BTC - Waiting to see the move
Updated
Finally we see the overall market putting in some green % to the upside. Below just a few bullets to summarize the video.
W - Overall bullish market for XLM, good separation on the MAs and well above the 36 day MA.
D - Overall bull, good separation above 36 & 200 day MAs, slow MAs crossed to bear, current candle forming bearish and need to wait for daily close.
4hr - Under the 36 MA and using 200 MA as a support area. Price action is playing between a week/day resistance and a daily support level. It's created the grayish S/R zone
3hr & below - Slow MAs showing bearish, under the 36 MA (bear) and we just recently closed below the 200 MA (bear), lower charts showing bearish moves.
Overall we need to wait on the 4hr and then day charts to see where price action closes. We're looking for current support to hold and push price action back up. Stay tuned.
W - Overall bullish market for XLM, good separation on the MAs and well above the 36 day MA.
D - Overall bull, good separation above 36 & 200 day MAs, slow MAs crossed to bear, current candle forming bearish and need to wait for daily close.
4hr - Under the 36 MA and using 200 MA as a support area. Price action is playing between a week/day resistance and a daily support level. It's created the grayish S/R zone
3hr & below - Slow MAs showing bearish, under the 36 MA (bear) and we just recently closed below the 200 MA (bear), lower charts showing bearish moves.
Overall we need to wait on the 4hr and then day charts to see where price action closes. We're looking for current support to hold and push price action back up. Stay tuned.
Note
Above chart is the week chart. We can see here we've extended the week candle to the downside more and continue the bear candle.
Day Chart:
Slow MAs crossed on 2/4 and continue to widen and create more separation indicating continued downside action. As you can see, price action is landed spot on the Daily 382 Fib retracement and is potentially going to close below the trendline. We'll need to see if we get this close below trend and confirmation on the 2/9 to see we a breakout to the down side happens.
4hr - See price action get a close below the trendline and 200 MA. We also got a confirmation candle O/C below 200 MA and trendline and a new 4hr candle forming on top of the D-382 fib retrace (acting as support).
If we see the current candle close below the 382 fib next support should be 4000. If we move to the up we will hit resistance around 4300 at the 200 MA.
Note
'Starting to move up
Note
Day Chart
Price action is moving sideways. The slow moving averages have turned to show some downside action from last week. We are still above the 36 & 200 day moving averages which is indicating overall bullish.
4hr Chart
Price action has falling below the 36 day and found support from the 200 MA which lines up with the daily 381 fib retracement.
We'll be waiting to see if the 200 MA can hold price in support and push it back up. We will want to a break/close above the 4500 daily resistance level.
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