Stellar Lumens to bounce from range lows?
Updated
Stellar Lumens has traded within a range from $0.111 to $0.1334 since 17 August. The past few days saw the OBV dwindling to show reduced buying pressure, which suggested XLM might not be able to defend the range lows.
Yet, it represented a good risk-to-reward buying opportunity for aggressive buyers
Entry- $0.111 (retest of support in the event of a BTC dip could offer an ideal entry)
Take-profit- $0.1334 (range high)
SL- $0.106 (more conservative SL can be placed at the bottom of 17 Aug's lower wick at $0.1053)
R:R- 4.89 (could fail if BTC drops below the 25.8k mark)
Yet, it represented a good risk-to-reward buying opportunity for aggressive buyers
Entry- $0.111 (retest of support in the event of a BTC dip could offer an ideal entry)
Take-profit- $0.1334 (range high)
SL- $0.106 (more conservative SL can be placed at the bottom of 17 Aug's lower wick at $0.1053)
R:R- 4.89 (could fail if BTC drops below the 25.8k mark)
Comment
Still no bounce from XLM but the idea was not yet invalidated; a lower timeframe (such as H1) market structure shift combined with a rise in OBV could signal a rally but risk must be carefully managed as Bitcoin could drop lower
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