I had this exact area drawn on my chart, although I've cleaned it up now for presentation.
Things I don't like on this chart:
Things I do like:
- Large retrace followed by tight consolidation. Squeeze is on.
It's in my own buy area
It's still a bull market
With a very conservative target of 5,000 sats we have an excellent risk-to-reward ratio of 2.58 so long as we maintain a tight stop of 3800 sats .
This is a trade that I'll be stopping out of only manually and only on longer candles.
I think this is the best chart I've looked at today for the kinds of trades I like to make.
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Taking a small loss is not a bad thing. In fact, I mitigated it by taking a small position size on this trade in the first place because of what I felt was greater risk.
Taking a look at the charts, there are no bullish indicators except for the fact that XLM has double bottomed at 3300 Sats.
That being said, when something reaches the extreme, it reverses. If price consolidates here around 3700/3800 sats it may produce a buying signal.
But for now, I'm in the process of concentrating my trades and various endeavors back into their blue chip holdings.
In my opinion, the entire market has just started to show the first signs of bearish. This is like in autumn when everything is pretty and then suddenly there's the first frost and all the leaves fall off the trees, but the snow and ice have yet to arrive.
The problem is that's all great until the one time the market dumps and dumps and doesn't get back up.
Look at September-October charts on virtually all alts for reference.
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