XLM - Looking at recent reactions to spikes in growth
Updated
XLMUSD seems to be relatively consistent in behavior after spurts of growth:
- Significant and Rapid Correction (~65%)
- Bounce back to ~80% of previous high
- Ranging/Neutral Stabilization of Price
There is support around .45-.46 which has just been tested. We may see another test there or possibly just growth from here as price breaks out of the wedge forming. There is resistance at .50 to monitor as well.
This support level also suggests a continuation of the same pattern we've seen which would indicate that price could rise and stabilize around 5.5-5.8 area (note the fib retrace line at 5.6 as well). Previous Ranging periods were as long as 1 month.
Still practicing my TA, feedback is very welcomed!
- Significant and Rapid Correction (~65%)
- Bounce back to ~80% of previous high
- Ranging/Neutral Stabilization of Price
There is support around .45-.46 which has just been tested. We may see another test there or possibly just growth from here as price breaks out of the wedge forming. There is resistance at .50 to monitor as well.
This support level also suggests a continuation of the same pattern we've seen which would indicate that price could rise and stabilize around 5.5-5.8 area (note the fib retrace line at 5.6 as well). Previous Ranging periods were as long as 1 month.
Still practicing my TA, feedback is very welcomed!
Comment
See related idea for 1H close up of current Wedge formation/breakout
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