XLM/BTC Breaking Out, Rally Imminent? (+51% Potential Profits)
Today we are looking at Stellar (XLM/BTC). As we can see, this coin peaked on its last bullish wave at around 1100 satoshi. Since then, there has been a strong correction, printing a large, bullish falling wedge pattern on the daily frame. Now, we can see prices breaking out and facing some resistance/retesting the old resistance as support.
Prices have broken up above the 10/21 EMAs, a bullish short-term move, and are now pushing the 50 EMA. If XLM is breaking out here, we can see prices push past the 50/100/200 EMAs, allowing for massive growth from this pair. We can also see some large buying volume on the two most recent green candles, another bullish signal. Furthermore, the MACD bounced rather than giving a bearish cross just a few days ago, and the RSI is also above 50, both bullish signals. Finally, this pair is trading near a long-term support level, very close to current prices. Thus, the risk-to-reward ratio on this pair is great. Keep your eyes on this pair and watch for a break above the 50/100/200 EMAs. If this pair is truly breaking out and catches a bounce here then this is a great long opportunity.
A potential short-to-mid term trade setup now could be:
Entry: 650-750
Support: 575
Take Profits:
1 - 799 (+14%)
2 - 908 (+29%)
3 - 1063 (+51%)
Leave a like and share your own thoughts and comments down below if you liked the post. Also, follow me for more ideas! Check out some of my others down below.
Price at writing: 697 satoshi.
Prices have broken up above the 10/21 EMAs, a bullish short-term move, and are now pushing the 50 EMA. If XLM is breaking out here, we can see prices push past the 50/100/200 EMAs, allowing for massive growth from this pair. We can also see some large buying volume on the two most recent green candles, another bullish signal. Furthermore, the MACD bounced rather than giving a bearish cross just a few days ago, and the RSI is also above 50, both bullish signals. Finally, this pair is trading near a long-term support level, very close to current prices. Thus, the risk-to-reward ratio on this pair is great. Keep your eyes on this pair and watch for a break above the 50/100/200 EMAs. If this pair is truly breaking out and catches a bounce here then this is a great long opportunity.
A potential short-to-mid term trade setup now could be:
Entry: 650-750
Support: 575
Take Profits:
1 - 799 (+14%)
2 - 908 (+29%)
3 - 1063 (+51%)
Leave a like and share your own thoughts and comments down below if you liked the post. Also, follow me for more ideas! Check out some of my others down below.
Price at writing: 697 satoshi.
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