Nothing profoundly exciting is notable in this chart. Things appear to be consolidating with little risk of a downward trend. Buy orders far outweigh sells on Bittrex at the moment. But there is no clear Bullish purchasing volume present. XLM traders playing conservatively and appear to be awaiting their next move.
This phase does not appear to be unlike what we saw a few weeks ago when there was plenty of volume being consumed without prices increasing dramatically. It's as though there are either a large number of people who are all trading in a slow and disciplined manner, or there are a few entities with deeper pockets slowly collecting volume without disrupting the balance of liquidity. I.E., an entity with enough money to buy every order on the books, but can't do so without causing a price hike.
If the analysis proves to go in the other direction, there's not much to say. Could consolidate around the next Fib line. But there are about 46 BTC worth of buy-orders present before this line is reached on Bittrex. I'd say that's a fair amount of support. Just be wary of trading bots and the possibility of "fake" supports which can be pulled or diluted.
This phase does not appear to be unlike what we saw a few weeks ago when there was plenty of volume being consumed without prices increasing dramatically. It's as though there are either a large number of people who are all trading in a slow and disciplined manner, or there are a few entities with deeper pockets slowly collecting volume without disrupting the balance of liquidity. I.E., an entity with enough money to buy every order on the books, but can't do so without causing a price hike.
If the analysis proves to go in the other direction, there's not much to say. Could consolidate around the next Fib line. But there are about 46 BTC worth of buy-orders present before this line is reached on Bittrex. I'd say that's a fair amount of support. Just be wary of trading bots and the possibility of "fake" supports which can be pulled or diluted.
Watch the Moving Averages. If MA 200 and MA 50 converge, this will signal completion of consolidation cycle and may indicate the next breakout.