TECHNICAL ANALYSIS:
- Stellar XLM/USDT correction follow up
- See LINK for previous analysis 7/25/2018 Breakout Alert
- XLM looks like it is finishing off its correction for its recent run up
- Ending diagonal - 5 waves down
- Support and potential reversal point at 24.5 cents
- Currently bouncing off the .618 fib level
- Expecting 5 waves up from here
- Coming off oversold RSI levels on the 4 hour chart
- Resistance at 31 cents and 35 cents
- Run expected to occur between now and AUG 10th following the next Bitcoin run up
- Expect most USDT pairings to run up with Bitcoin before the BTC pairings to move
INVESTOR NOTES:
To be clear, these notes are from the perspective of a day/swing trader. The notes above are not applicable to long term investors. Corrective price action and intermediate spikes in this market are of little or no consequence to anyone holding for long term for larger percentage gains.
- If you are an investor for the long term, all of these prices are great buy zones
- Buying at $7700, $8200, or even $9000 is of little or no consequence when you believe the price of Bitcoin will one day be $50,000 and beyond
- Good investors will accumulate over time, constantly cost averaging their positions, with confidence that current market prices do not represent the true value of the asset in the long long term (anywhere from 6months - 4 years)
- Bitcoin and Cryptocurrencies are still in its infancy as an asset, with only a few hundred billion in its total market cap - as compared to the trillions in the majority of all other asset classes
- Patience is key
- I am a long term BULL
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- LITECOIN: MNwqCX6HoU6MeU9SRwNakT3iHEkfrig2YB
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- BINANCE: 0xcaf1e0cd3de21a7d27497a95f8196f74a073ad76
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LEGAL DISCLAIMER:
I am not a financial advisor, nor is this post intended to be financial advise. I encourage you to do your own research before investing, or trading, any coin, token, stock, or security. This blog is intended for me to document my own personal analysis, charts, thoughts, opinions, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I utilize to trade and invest, see my previous post - LINK.