XLM Thoughts, Resistance Hold or Flip?

16 Şub 2021

Quick thought at the moment. It appears XLM is in a descending channel on the 1HR timeframe. It has flipped below the strong resistance line that held for days prior. A test of that resistance line is coming up and if price breaks through it could flip to new support. If not I believe it may be a continuation through the channel until we reach the old support line around .455.

16 Şub 2021

Not

As this candle closes it appears we will be in a continuation. The target bounce area may not reach the strong lower support. It is also possible that the 200 EMA(Purple) may be used as a springboard around the .476-.478 range. It will need to be a big volume move to break upper white resistance level.

16 Şub 2021

Not

Updated Breakout Chart

16 Şub 2021

Not

Bounced off the .618 Golden Fib in a retest of support. I believe there will be a short period of sideways consolidation and possible triangle formation on lower timeframes to build volume. Then we take off to new highs.