$XLM Stellar Lumens downside target acquired!

9 thg 2, 2019

XLM update

The descending triangle pattern breakdown, which I mentioned in previous posts, was able to reach the full measured target of 2250 sats, plus a bit deeper.

Price ultimately found what could possibly be its local bottom exactly where we bottomed in mid March, as you can see where the green horizontal line meets the deep March wick.

RSI dipped below 20, which is pointed out by the white circle. This level is the lowest daily RSI we've seen on XLM's chart history (Bittrex). While we did get some relief here, and the RSI is signaling drastically oversold, I'm not yet convinced that this is anything more than a dead cat. Price reached a point of bounce or face the potential of significantly greater downside. Lower TFS hinting that bulls could be tiring quickly, but Bitcoin looks better than it has in days, which could help. I'd be looking for lower TF RSI and Stoch RSI to reset before things looks interesting for longs.

Notably, you will see the diagonal dotted line where price found support. Although not perfect, this diagonal does have relevance as price has respected it for over a year, since its peak last January. Worth keeping an eye on.

Still flat, waiting for more info.

-Bueller

@BuellerFund