XLM/USDT - Possible Bearish Breakout
Hello traders and community, today we will tell ourselves shortly about the situation of XLM/USDT
Trend analysis
- As you can see from the XLM/USDT daily chart, the price of Stellar coin is in range movement (white zone) and prepared for testing new lower prices cause of Elliott 5 waves pattern, that's why we can expect with 55 % probability bearish breakout in the following days as you can see on the white line. I recommend to wait for correct signal before putting short trade position down to 0,31090 price level (support zone). Today's resistance level (red zone) is on 0,4585 price level, support level (green line) is on 0,37421 price level and global trend (orange line) is still bullish, but can be changed soon with bearish movements. Wish you good luck with trading this pair and more information about this cryptocurrency will be provided later.
Chart pattern
- Bearish breakout (processing)
- Elliott 5 waves pattern (processing)
Technical indicators
- RSI: market is still in boarders and is located near 50 level (not overheated, Neutral signal)
- MACD: MAs are prepared for downward movement + they started moving closer to each other and overall trend is going down (Bearish signal)
- BB: Volatility of the market started stabilizing after volatile movement accomplished (Bearish signal)
- MA (10,20): MA10 is going upward to the level of MA20 (Bull signal)
= Overall bearish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
Trend analysis
- As you can see from the XLM/USDT daily chart, the price of Stellar coin is in range movement (white zone) and prepared for testing new lower prices cause of Elliott 5 waves pattern, that's why we can expect with 55 % probability bearish breakout in the following days as you can see on the white line. I recommend to wait for correct signal before putting short trade position down to 0,31090 price level (support zone). Today's resistance level (red zone) is on 0,4585 price level, support level (green line) is on 0,37421 price level and global trend (orange line) is still bullish, but can be changed soon with bearish movements. Wish you good luck with trading this pair and more information about this cryptocurrency will be provided later.
Chart pattern
- Bearish breakout (processing)
- Elliott 5 waves pattern (processing)
Technical indicators
- RSI: market is still in boarders and is located near 50 level (not overheated, Neutral signal)
- MACD: MAs are prepared for downward movement + they started moving closer to each other and overall trend is going down (Bearish signal)
- BB: Volatility of the market started stabilizing after volatile movement accomplished (Bearish signal)
- MA (10,20): MA10 is going upward to the level of MA20 (Bull signal)
= Overall bearish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
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