XLM currently trading above the falling wedge that it had consolidated off the ~$0.80 high. Textbook down to the lower fib levels with volume tailing off. During last evenings FUD episode with Korea XLM double bottomed. Pay attention to the arrow and the spike in volume there as it shows that somebody really wanted XLM around that price.
For Elliot Wave'ers - This past period could be seen as the 2 wave correction, which as you might already know the 3 wave to the upside is the biggest and most powerful. Stay tuned as the 4 hour is closing in less than an hour and if it is here or better I will start seeing this as confirmation for the next leg.
All indicators pointing towards a bullish reversal.
Failure - A 2 hour close below the resistance trendline will likely put us in for more consolidation and a failure below that support trend line for the former period will likely start a new downtrend.
Not financial advice.
For Elliot Wave'ers - This past period could be seen as the 2 wave correction, which as you might already know the 3 wave to the upside is the biggest and most powerful. Stay tuned as the 4 hour is closing in less than an hour and if it is here or better I will start seeing this as confirmation for the next leg.
All indicators pointing towards a bullish reversal.
Failure - A 2 hour close below the resistance trendline will likely put us in for more consolidation and a failure below that support trend line for the former period will likely start a new downtrend.
Not financial advice.