Unfortunately, 55x did not hold and after a whole lot of sideways movement, we are dropping....fast (I also preidcted quite a swift fall if we could not bounce off support).
I'll be honest. It's looking ugly. continues to dwindle, which I suspect is a function of several other 'hot' altcoins (including BCH and VTC ) gaining huge market traction.
We're also distancing further and further from the 200ema and ichi clouds.
About the *only* thing we have going is that this stuff is extremely oversold on almost every time frame. However, that was also the case while we approached the decision point.
So unfortunately I can't make much of that. All I can say is that there *may* be some sort of dead cat bounce soon, but I do not expect anything worthy of note, and certainly not anything
to indicate that we have broken out of this prolonged sentiment.
Next areas of support are ~487 and ~450. Though the latter (45x) is much stronger. Should we break that...then *eek*.
I'm personally watching out for the 45x area. I did not expect us to be dipping this low, but as I've always stated, crypto is the land of the unexpected.
A week ago, I don't think too many people foresaw the continued rise of VTC and astronomical rise of BCH. But these kinds of things happen.
Pre-IBM news price levels were in the low 300's, so if we return within that range that it may be a bit damaging to the coin from a psychological investor perspective. Or perhaps the opposite,
where people will view it as massively undervalued.
Do I still think Stellar is still a wonderful, functional coin with tons of future potential/upside? Absolutely.
However, it's time in the spotlight may have fizzed out for the time being. I'll post updates as much as I can. Happy trading.
I'm out of Stellar right now. Though my forecast has held up thus far, the volume is so low that it's a very risky play trying to margin this stuff as the whale bots are wiping people out.
Put in my position at 515 last night and was promptly awoken to an email alert that we had crossed the 535 barrier and immediately withdrew my position.
Then we peaked at 580 before dropping...back to square one.
I'll be following the prices, but I'm just not trying to compete with the large hands. I'll be waiting to see how things fare in at the 450 and 390 levels before trying to jump in.
Also, since the previous high of 766, we are stuck in a rather tight downward channel, as indicated above.
Examining the 30 minute chart, it is fairly possible to margin trade this stuff with a swing strategy (I do not suggest micro scalping as the whales move quick) by paying attention to the peaks and lowpoints of the RSI scale.
Still think we are headed down. Break of ~480 support and most likely we're going to retest 390, which is coincidentally where the bottom of this massive descending wedge meets support.
Volume continues to be 'meh.' BTC surging. I'm not touching this stuff right now, but if you are, the above strategy would be my go-to method while paying attention to the rsi signals and any potential rapid breakouts/breakdowns.