Hello, Traders!
XLM has recently seen a positive breakout from its descending wedge. This descending wedge-formed after the parallel channel was broken below. Before the descending wedge, XLM had seen great upwards movement since March. However, from the peak to the trough of the descending wedge XLM lost 40% of its value. This saw XLM fall from $0.12 USD down to around $0.65 USD.
The breakout of this descending wedge saw XLM break above a very strong downwards resistance line. This line had numerous points of validation as exhibited below.
The breakout from the downwards resistance line was not as strong as expected. The breakout saw XLM touch the 0.236 Fibonacci retracement level before rejecting it. Heading back down from $0.08 USD to $0.072 USD.
Trade with caution and watch out for the market!
Please leave your comments below!
XLM has recently seen a positive breakout from its descending wedge. This descending wedge-formed after the parallel channel was broken below. Before the descending wedge, XLM had seen great upwards movement since March. However, from the peak to the trough of the descending wedge XLM lost 40% of its value. This saw XLM fall from $0.12 USD down to around $0.65 USD.
The breakout of this descending wedge saw XLM break above a very strong downwards resistance line. This line had numerous points of validation as exhibited below.
The breakout from the downwards resistance line was not as strong as expected. The breakout saw XLM touch the 0.236 Fibonacci retracement level before rejecting it. Heading back down from $0.08 USD to $0.072 USD.
Trade with caution and watch out for the market!
Please leave your comments below!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.