We have some very strong indicators for Stellar Lumens right now.
In addition to a triple bottom, there is a strong cup and handle formation that appears to be nearing completion.
This is further substantiated by a rising bull pennant which, upon breakout, should also complete the rest of the handle.
A break above the 0.00000517 neckline will confirm this pattern, which is where buy orders should be placed.
1d MAC D and RSI provide upward growth.
Please be aware the bitcoin/bch whales are playing tug o' war and it may effect how this plays out either way. So please exercise caution and use stop losses.
Happy trading!
Komen
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Apologize. Have been out for the holidays so not much time to update this. But I hope some people found a bit of usefulness in my original idea even though it didn't quite peak out at the levels I thought it would.
Again. Bitcoin and BCH have been wildly unpredictable and drag majority of the alt markets with them at any given time.
Looks like we peaked at 536 last night after the break of the 517 neckline of the c&h. Didn't quite reach the 56x level to re-test the previous swing high, and the run up was stymied by btc's pullback (which dragged most of the alts with it).
So we have been in a slow bleed back down to the 49x area.
I am not advocating entering as of this moment due to the muddled holiday market, but for anyone interested, here is what I'm noting.
There is a bullish divergence pattern on the 15 minute chart, and 491 marks a strong area of support at 0.5 retracement.
RSI indicates a very oversold market on almost all time frames with a lot of room to grow.
I am expecting some sort of small rise from this area, *maybe* back to the 517 neckline area of the previous cup and handle. However, if it reaches this point and doesn't proceed further, it will be in the process of completing a h&s pattern which may indicate further bearish movement down.
I'll keep a close eye on this, but as of right now I probably would not touch this market unless you are of the gambling persuasion. But hopefully there is a bounce in this current area.
We're going to have to pull back over the 100ema and ichi to confirm a flip back into bullish territory.
Komen
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Forgot to mention, as the chart noted, not only is there bullish divergence but also a bull flag forming. If support does not hold in the high 48x area then this is going down further.
@CryptoNo0b, I'll be honest, it looks a bit overbought on the 15m and 30minute charts. So there may be a bit of a pullback if you wanted to wait things out a bit. But by virtue of the c&h pattern repeating as prophecized, I do not think this move is over yet. But there may be a bit of correction.
Larger time frames definitely look like there is much room for another push.
My target is 56x if we go up. At which point I will probably be closing out my position and re-shorting as I anticipate some type of correction. :)