TECHNICAL ANALYSIS:
- Stellar XLM/USDT is poised to breakout
- After a strong move to the upside following along Bitcoin, Stellar XLM has consolidated and formed a Bullish Wedge - This is very similar to Bitcoin's set up last night before the breakout above $7800
- Volume points to accumulation and that the sellers are slowly disappearing
- A golden crossover on the 4 hour chart shows the 55 day EMA now overlapping the 200 day EMA and both acting as support
- This is a very Bullish sign
- There is strong resistance at .31 cents, but a break above it could mean a run up to .425 cents and a 25% gain
- Strong support at the .27-.29 cent range
INVESTOR NOTES:
To be clear, these notes are from the perspective of a day/swing trader. The notes above are not applicable to long term investors. Corrective price action and intermediate spikes in this market are of little or no consequence to anyone holding for long term for larger percentage gains.
- If you are an investor for the long term, all of these prices are great buy zones
- Buying at $6800, $7400, or even $8000 is of little or no consequence when you believe the price of Bitcoin will one day be $50,000 and beyond
- Good investors will accumulate over time, constantly cost averaging their positions, with confidence that current market prices do not represent the true value of the asset in the long long term (anywhere from 6months - 4 years)
- Bitcoin and Cryptocurrencies are still in its infancy as an asset, with only a few hundred billion in its total market cap - as compared to the trillions in the majority of all other asset classes
- Patience is key
- I am a long term BULL
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LEGAL DISCLAIMER: I am not a financial advisor, nor is this post intended to be financial advise. I encourage you to do your own research before investing, or trading, any coin, token, stock, or security. This blog is intended for me to document my own personal analysis, charts, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to learn how to trade and invest, see my previous post - LINK.