Stellar XLM inverse H&S, Part 3 Triangle
Updated
XLM' has been on of the strongest Altcoins of 2018, it's maybe the only that never got below the April low, not even Bitcoin' was able to do this. The past few days have been a confirmation of this (hidden) strength. Why? Just look at the movement of the past few days, the whole market broke the bullish patterns and dropped while XLM' simply made a big bull flag while the rest has been dropping. This shows there is a lot of interest in this alt coin and i assume there is a lot of smart money in this one. Volume picture is good as well, not great but good. So only Bitcoin' could throw this idea in the toilet.
Short term, we should ideally stay above that green support zone from now on. Whatever happens, we should not break that neckline anymore of that ugly inverse H&S, the former red resistance zone. That still gives us a target in that green circle. The yellow circle is the target of that triangle, assuming it is not a bull flag. So that could mean a turn around level if volume on XLM' drops AND Bitcoin' starts to drop. The red resistance zone on the left is the level to break for the mid/long term.
We have moved the stops towards the entry zone around the neckline, so we still have a free trade on this one. Planning to expand this if Bitcoin' starts breaks real levels like 6800/7000.
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Previous analysis: If you want to be more up to date, read the previous ones as well.
Short term, we should ideally stay above that green support zone from now on. Whatever happens, we should not break that neckline anymore of that ugly inverse H&S, the former red resistance zone. That still gives us a target in that green circle. The yellow circle is the target of that triangle, assuming it is not a bull flag. So that could mean a turn around level if volume on XLM' drops AND Bitcoin' starts to drop. The red resistance zone on the left is the level to break for the mid/long term.
We have moved the stops towards the entry zone around the neckline, so we still have a free trade on this one. Planning to expand this if Bitcoin' starts breaks real levels like 6800/7000.
Please don't forget to like if you appreciate this:
Previous analysis: If you want to be more up to date, read the previous ones as well.
Note
Here we can see once again, what i described earlier. The hidden strength of XLM. Even though everything dropped just now, Bitcoin and all the alts this one simply moved up. Like it is becoming a safe haven. Nothing more to say than things look very good at the moment. I am going to keep the stop around entry and risk the profit on this one.
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