XLM - Textbook Retest of Past Resistance of Pennant!Before reading, get rid of your moonboy mentality and no emotions for dips/corrections! Cannot rule bearish scenarios! Dips are for buying!!
People are so focused on the hourly/daily timeframe that they get emotional on every dip! Take a step back to the weekly/monthly timeframe and see why I'm so bullish now. Stop looking at the short term dips/rise. Short term is irrelevant for the move that is coming!
You can't be emotional in these markets (stocks, forex, crypto, real estate, etc.). You will lose this game following the news and doing what the majority does. News creates emotions. Everything you need to know are on the charts. News are manipulated by the elites, and they take advantage of our emotions. Stop listening the news and pay more attention to the charts. Don't follow the majority, because the majority will lose in the end! Also, don't buy the hype when everyone is buying.. instead buy the fear when everyone else is selling
Everything is on the chart! Cryptocurrencies are on the verge of exploding higher. Dips/Corrections are normal and needed in a bull market, and are buying opportunities! Huge gains opportunity in the coming months! Never trade blindly. Use multiple indicators to make calculated decisions. Trade with no emotions!
Facts:
1. Pennant was broken back in October 2021 (Coincidence, the Falling Wedge in 2017 was also broken in October)! We are now retesting past resistance and turning to support (shown in the black circle).
2. RSI - During bull markets, when we touch the trendline at around 47 RSI, it indicates bottom and we shoot up creating higher lows. We just bounce off it again! Also oversold on the 2week timeframe!
3. Stochastic RSI - We are still above the 20 level! Awaiting Stochastic RSI Bullish Cross for Continuation to the upside!
Buy Levels
1. 0.289 (Correspond to the 0.5 Fib)
2. 0.264 (Correspond to the 0.618 Fib)
3. 0.233 (Correspond to the 0.786 Fib)
Sell Levels: Shown in the chart!
"If you can't beat the fear, do it scared!"
"Be fearful when others are greedy, and greedy when others are fearful!" - Warren Buffet.
"Markets are a device for transferring money from the impatient to the patient. - Warren Buffet
"Show me the charts, and I'll tell you the news." - Bernard Baruch
"The secret to investing/trading is figuring out how rich you want to be and how poor you're willing to become."
"If you want to live like the 5% of the population who are hugely successful, then don't act like the 95%!"
