Pour Me a Cup of XLM/BTC #Stellar #Xlm $XLM
Here we see our weekly XLM BTC chart from Binance . As you see XLM had massive downside right through that bear market in 2019. It looks quite clearly like a massive Cup structure has formed .You see we've started to come up a bit now from the recent bottom . We're even wicking into the weekly Ichimoku cloud - I wouldn't be surprised if XLM closed a candle inside the weekly Ichimoku cloud - and soon. And that would be bullish . Once we close a candle inside the Ichimoku here we will almost certainly go to the top of that cloud near 2500 . And after that we should be breaking upwards out of that cloud. Targets at that point would be the fibs such as :
the .50 fib near 3616
the .618 fib near 4375
the .706 fib near 4939
but at that point XLM might just enter price discovery mode since our last weekly resistance is near 4500 sats. Will be an interesting 12 months
ahead for XLM. Hope you're having a great day . Keep in mind Cup and handle structures always have a pullback after forming the top part of that cup ( for us that's up near 3700 it looks like) and then they pullback a bit forming the handle before more upside .
the .50 fib near 3616
the .618 fib near 4375
the .706 fib near 4939
but at that point XLM might just enter price discovery mode since our last weekly resistance is near 4500 sats. Will be an interesting 12 months
ahead for XLM. Hope you're having a great day . Keep in mind Cup and handle structures always have a pullback after forming the top part of that cup ( for us that's up near 3700 it looks like) and then they pullback a bit forming the handle before more upside .
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