XLM/BTC - Trading bearish divergence and shooting star
Hello everyone,
Hope you made some money on XLM's flight to glory during a time when the whole market is bleeding. Looking at the daily chart, we can see a bearish divergence between price making HH and RSI making a LH. Couple with that, we see a typical shooting star that has yet to be fully formed during the remaining hours for the candle. I will be taking a risk here by going short on XLM and placing a stop loss above the shooting star's top.
Take profit around the support zone or the red uptrend line and see if we bounce from there or go further down depending on market conditions.
Thanks!
Hope you made some money on XLM's flight to glory during a time when the whole market is bleeding. Looking at the daily chart, we can see a bearish divergence between price making HH and RSI making a LH. Couple with that, we see a typical shooting star that has yet to be fully formed during the remaining hours for the candle. I will be taking a risk here by going short on XLM and placing a stop loss above the shooting star's top.
Take profit around the support zone or the red uptrend line and see if we bounce from there or go further down depending on market conditions.
Thanks!
Komen:
Downwards movement going well for now, except for that big spike on Finex that only happened there. I have a close order at 3861 which is not so far away. I will re-evaluate enter position either on support. Naturally, if we get a candle or 2 close on the 1h/2h charts below the trendline support with RSI, MACD being relatively high, I will short again.
