XLM/USD - Forming a descending triangle, bullish still
XLM has recovered very well from the drop yesterday, now hovering at the top of this descending triangle.
The recovery from $0.22 cents was very aggressive indicating a lot of bulls are ready to defend the price as it goes lower. For this reason my bias is bullish on this formation and I expect us to break-out of this triangle.
Dropping under $0.22 cents would surprise me, but if we do we have good support at $0.18 cents. Therefore if we reach such levels, this is a great area to buy. Otherwise, aim to long any breakout of the triangle.
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The recovery from $0.22 cents was very aggressive indicating a lot of bulls are ready to defend the price as it goes lower. For this reason my bias is bullish on this formation and I expect us to break-out of this triangle.
Dropping under $0.22 cents would surprise me, but if we do we have good support at $0.18 cents. Therefore if we reach such levels, this is a great area to buy. Otherwise, aim to long any breakout of the triangle.
Like and follow if you liked this idea!
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