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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📣 Find more Alpha by joining Your Crypto Community 🔰 LINKs BELOW 🔰
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🔹 Trading ideas, crypto trends & alpha
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🔹 Over 7,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
Related publications
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.