XLM LOOKING BULLISH ON THE 4 HOUR !! ARE WE OUT OF THE WOODS?
What's up traders, investors, and the moon boy Jimmy's with there $600 stimmy's. Yes, I borrowed that from Crypto Kirby! He's hilarious !! I hope he doesn't mind! Alright, now on to XLM. I'm noticing a bullish fractal here on the 4 hour. We just had a golden cross and if it holds, we might see some bullish momentum in the short term. We are not out of the woods yet, but if BTC can hit 42k, I can see XLM hitting at least the $.306 resistance which can be looked at as a measured move from the break of the descending wedge. We had a wild ride the other night when XLM was trying to break down below $.251. In elliot wave theory, wave 2 cannot retrace past wave 1. On most time frames, it appeared that when we hit $.251, that considering that drop as a wave 2 was out of the question because our last swing low was $.254. Now, on the 6 hour time frame it wicked and we held which is why I posted an update in real time on my last analysis that we should see a pump on XLM. So right now, $.25 is our support and I labeled our next bullish targets. I reopened a long position last night at $.261 and closed the trade at $.28. I made a decent profit and i'm happy with that. The bottom line is this! Until Bitcoin breaks 42k, I don't see Xlm in a bull trend. If Bitcoin gets rejected hard at 42k, I see our bear market continuing to lower lows. Markets, don't just go from a top to a bottom in one motion. There will always be a bounce here and there to screw with our emotions. Like in elliot wave, you have an A, a bounce B wave and then the final C wave. As for XLM, until we break $.29 which was our last swing high, we are still considered bearish. I'm hoping this 4 HR chart that I posted plays out to the upside. I will be prepared either way, no matter what happens and so will you guys. Happy trading!!
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