Hello Tradingviewers! This is my first published post, so please be gentle. :) I've been watching XLMUSD for a while and have noticed an Inverse Head and Shoulder pattern forming on the chart. Cryptos have been taking off and many coins are trading at, or above, the price they were when the BCH war brought about the last part of the crash back in November. For whatever reason XLM was one of the last coins to capitulate and appears to be one of the last coins to make its run to the price it was trading at back in November.
Soooo.... Currently XLM is still in it's downward trend channel and in a larger descending wedge . The other cryptos have exploded when they have exited their bearish channel . This inverse H&S pattern potential may be a leading indicator that XLM is going to make a much larger recovery toward the 20 cent area, where it was trading before it's final leg down.
I've been holding an XLM position that I purchased around the 8 cents area. I will be adding to my position following this bullish engulfing candle that appears to be the start of the backside of the right shoulder. If it appears to get rejected at neckline, then there would be a good place to take partial profits and look for a re-entry for another run to break that resistance level. I think it's only a matter of time until it catches up to the other alt coins that have regained their Nov 2018 trading price.
That's my two cents.
The Crypto Juicer
Soooo.... Currently XLM is still in it's downward trend channel and in a larger descending wedge . The other cryptos have exploded when they have exited their bearish channel . This inverse H&S pattern potential may be a leading indicator that XLM is going to make a much larger recovery toward the 20 cent area, where it was trading before it's final leg down.
I've been holding an XLM position that I purchased around the 8 cents area. I will be adding to my position following this bullish engulfing candle that appears to be the start of the backside of the right shoulder. If it appears to get rejected at neckline, then there would be a good place to take partial profits and look for a re-entry for another run to break that resistance level. I think it's only a matter of time until it catches up to the other alt coins that have regained their Nov 2018 trading price.
That's my two cents.
The Crypto Juicer