Cdglax1000316

XLM/BTC - Upward Targets (Contingent Upon BTC/USD Breaking Down)

Long
BITTREX:XLMBTC   Stellar Lumens / Bitcoin
XLM currently nearing the apex of a symmetrical triangle. Symmetrical triangles are typically neutral in terms of possible breakout direction. However, BTC/USD is coincidentally also forming a bearish rising wedge pattern on 4H-1D time-frames. Since XLM and BTC have been demonstrating an almost perfect negative correlation, BTC's bearish rising wedge suggests a possible bullish breakout direction for this XLM symmetrical triangle.

Target 1 Range = .00004850 - .00005320

Target 2 Range = .00005560 - .00005930

**Disclaimer: this is predicated on BTC/USD breaking beneath the current 4H - 1D bearish rising wedge. If BTC does NOT complete this bearish pattern, then this analysis is no longer valid**
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.