XLM - Price Finding Support and Resistance

2 มี.ค. 2018

Looking at a one hour chart of XLM. Price has been in a trading range since the beginning of February, and price is once again testing the lower support area of this trading range (lower two blue lines). I have drawn a down trendline within the trading range. Price has failed to break this trendline many times and we now also have all three moving averages sitting on top of price action providing additional resistance. At the moment in XLM price is being pinch between lower support, the trend line, and the moving averages. From here there are two likely paths this market could take. If the support area shown by the blues lines is broken, we could look for a retest of the low marked by the blue arrow. If support holds, price could find its way to the 50% level of the trading range. For price to make it to the 50% level of the trading range, it would have to break through the resistance of the trend line and the moving averages. It would have to take a strong move in price action to do that. The red dash on the chart is the 50 bar moving average on the 4 hour chart adding additional resistance.