XLM/BTC New Lower Highs | Key Resistance To Break!
Hello Traders!
Today’s chart update will be on XLMBTC which has been putting in lower highs as it approaches a key structural resistant level...
Will bulls have momentum to break resistance?
Points to consider,
- Overall trend putting in higher lows
- Key resistance yet to be broken
- Stochastics projected up
- RSI respecting its trend line & Neutral
- EMA’s giving price resistance
- Volume below average
- VPVR decreases in transactions
XLM has had a decent run from yearly lows, putting in consecutive higher lows; a trend change confirmation will only come to fruition if and when the structural resistance is broken convincingly. Resistance is looking staunched as of right now due to multiple rejections, price must hold above to avoid a false break.
The stochastics right now is projected to the upside, can stay in lower regions for an extended period of time, however there is lots of stored momentum to the upside. RSI is currently neutral but is respecting its trend line, it needs to maintain to hold a higher low projection.
The EMA’s is serving as resistance at current given time, it needs to cross bullish upon break of resistance to give added support for the bullish momentum. Volume right now is below average, an influx of volume is required to confirm direction of trend and to avoid a false break.
The VPVR shows a clear decrease in volume of transactions, this signals that bulls will have low levels of resistance poised if and when price breaks structural resistance.
Overall, in my opinion, a confirmed trend change will only hold true if structural resistance is broken. Targets for this break can come from the Fibonacci extensions, price is likely to reach the 2.618 Fibonacci extension due to the low level of volume transacted on the VPVR.
What are your thoughts on XLMBTC?
Please leave a like and comment,
And remember,
“Sometimes the best trade is no trade.” – Anonymous
Today’s chart update will be on XLMBTC which has been putting in lower highs as it approaches a key structural resistant level...
Will bulls have momentum to break resistance?
Points to consider,
- Overall trend putting in higher lows
- Key resistance yet to be broken
- Stochastics projected up
- RSI respecting its trend line & Neutral
- EMA’s giving price resistance
- Volume below average
- VPVR decreases in transactions
XLM has had a decent run from yearly lows, putting in consecutive higher lows; a trend change confirmation will only come to fruition if and when the structural resistance is broken convincingly. Resistance is looking staunched as of right now due to multiple rejections, price must hold above to avoid a false break.
The stochastics right now is projected to the upside, can stay in lower regions for an extended period of time, however there is lots of stored momentum to the upside. RSI is currently neutral but is respecting its trend line, it needs to maintain to hold a higher low projection.
The EMA’s is serving as resistance at current given time, it needs to cross bullish upon break of resistance to give added support for the bullish momentum. Volume right now is below average, an influx of volume is required to confirm direction of trend and to avoid a false break.
The VPVR shows a clear decrease in volume of transactions, this signals that bulls will have low levels of resistance poised if and when price breaks structural resistance.
Overall, in my opinion, a confirmed trend change will only hold true if structural resistance is broken. Targets for this break can come from the Fibonacci extensions, price is likely to reach the 2.618 Fibonacci extension due to the low level of volume transacted on the VPVR.
What are your thoughts on XLMBTC?
Please leave a like and comment,
And remember,
“Sometimes the best trade is no trade.” – Anonymous
