After a meteoric rise, rallying over 1000% in the past month alone, it finally appears to be forming a dragon head consolidation pattern. We’ve dipped as low as $0.62, but tested and rejected a Fibonacci level at $0.68. We are still testing the upper bound of the KRI, and are currently seated there at the time of this writing at about $0.74. Technically speaking, XLM is extraordinarily strong still, with both Kovach Momentum Indicators solidly bullish. Any dip into the $0.60 handle should be considered a buying opportunity, with the Fibonacci Extension level of $0.93 as a price target before we consider testing $1 again. Beware that today’s candle seems to be forming a giant doji which suggests some ambivalence, and could augur a reversal.
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@BitcoinCloud, depends on your risk tolerance. If you're willing to HODL as it may retrace further, then go for it. eventually it is bound to breakout again, unless something catastrophic happens
BitcoinCloud
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@quantguy, My idea is to buy at the right time, and by right i mean acceptable time, to hold for some weeks/months if everything goes right. Eventually, selling/buying between waves if they are somewhat remarkable
quantguy
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@BitcoinCloud, yup that's the right attitude. Entry price is critical. I don't wanna sound scammy but we put out a report on these levels for bitcoin and various altcoins daily. may wanna check it out
Hope your are right. I've been learning to chart and watching several others as they follow XLM lately. I'm awaiting that 5th wave anytime now... and re-bought in the mid .00004000's because I didn't have the patience to wait. Anyway, I'll be following... and thank your for the chart/effort!
quantguy
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@ABear, Thanks for your interest in my work! Feel free to reach out any time!
i8myapl
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Is XLM a good long-term hold?
quantguy
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@i8myapl, for technical and fundamental reasons, yes. Though we are still at relative highs and I'd like to see more of a pullback. Still one of my favorite altcoins ATM