You can see XLM has been in a steady up-trend. Furthermore it made a new high, retraced, and is on its way back up. Looking at a 1 day chart it is a fairly obvious W formation, which indicates the previous ATH will be broken on the second leg.
It is currently forming a and getting ready for its next leg up, although the move may take another day or two.
Basis: W formation, strong underlying, .
- Target 1: 6250 (62.5K satoshi)
- Target 2: 6800 (68K satoshi)
- Target 3: 7500 (75K satoshi)
- Stop loss: 5000 (50K satoshi)
We're already seeing a pennant break here!
As a rule, when BTC rises alts fall, but alts soon regain their previous value and more so as more money flows into the alts back from BTC.
We are still on track to break our short-term high and reach our previous ATH this next week:
Keep in mind BTC prices. Most trading predictions indicate that when BTC reaches 14-15K it will begin a sharp decline to 8-9K levels. When BTC hits 14K, regardless of where XLM is, it may be time to consider closing any existing long positions.
When I see stop loss hunting it gives me confidence in a bull move coming, so I'm still very bullish on this.
Next major levels are the 4700 mark and the 400 mark. Look or bounces at both levels for a chance to re-buy at a discount when this thing goes lunar.
Sorry guys, can't win them all!