XLM (Stellar Lumens) on the way to make an upwards move?
XLM BTC chart (4h) looks like a setup that can be played on the long side, certainly when 0.00000500 should be broken (breach of the purple resistance line acts as confirmation). 4h Bollingerbands could prove to be (temporary) resistance (possibly in confluence with that purple line). The chart speaks for itself I suppose. The red lines (under) show where support can be expected when no upwards break occurs, or when it works out to be a fake one.
A fake break-out (an initial move out of the wedge like pattern, which is subsequently reverted) can never be ruled out, so timing of the entry should preferably be managed through analyzing the lower timeframes. RSI divergence supports the possibility of a bullish move. A logical target is 0.00000700, previous resistance/top of December 25, 2020. Note that the upper line of a parallel channel could prove to be resistance as well.
My first idea on Tradingview, so I will probably struggle with how exactly to bring them in the beginning.
A fake break-out (an initial move out of the wedge like pattern, which is subsequently reverted) can never be ruled out, so timing of the entry should preferably be managed through analyzing the lower timeframes. RSI divergence supports the possibility of a bullish move. A logical target is 0.00000700, previous resistance/top of December 25, 2020. Note that the upper line of a parallel channel could prove to be resistance as well.
My first idea on Tradingview, so I will probably struggle with how exactly to bring them in the beginning.
