XLM Stellar Bearish wedge

18 nov 2018

Looks like a good text book bearish wedge, volume picture looks good as well. The red resistance zone was a former support zone. In my few previous analysis about XLM' i mentioned a hidden strength in this altcoin. It's still above the 2018 low, but the higher low pattern is weakening a bit and in combination with this bearish the chances are bigger that it makes a drop towards this weeks low.

However Bitcoin' made a breakout upwards but dropped just as fast. It might turn up again, so just in case i will wait for the break of that green support or when seeing Bitcoin drop below 5500.



Previous analysis:

19 nov 2018

Nota

Broke support but with low volume, so could still make a retest. It should stay below the blue level.

19 nov 2018

Nota

Target reached zone reached already, soit was a an easy standard textbook play eventually. I have kept half with a lowered stop, just in case we might see another wave down.

20 nov 2018

Nota

Might be a chance for the low to have been set, i am closing the rest and taking profit here now, was a good nice easy ride.