XLM: After predicting bottom & first 50% upward move:what's nextIn one of my previous articles I called the bottom for XLM and highlighted that the first reversal upward move would occur - subsequently we saw a 50% move upward (so I hoped you followed my lead! :-) ), which then consolidated a bit and decreased somewhat in price. As one can see from the graph, the extent of this drop could be reasonably predicted up front, by taking into account the longer term trend channels and resistance/support lines. In the grey boxes, I show some examples of these.
As we can see now, XLM is in a short term upward trend and it is trading at the bottom of this channel + it has the 61,8% Fibonnacci retracement level going for it. Moreover, the MACD signals a second upward move coming nearer.
Given the strong fundamentals of Stellar Lumens (definitely have a look at the Stellar Consensus Protocol white paper by Stanford professor David Mazières), I am long on this crypto gem.
How about you?
(note that this is by no means to be taken as formal investment advice)
Happy trading!
