XLM Trade|Dynamic Resistance|Daily Structural levels|.618 Fib Evening Traders,
Today’s Analysis – XLMUSDT- breaking dynamic resistance putting in a valid retest, the immediate targets are the Fibonacci levels.
Points to consider,
- Immediate trend bearish
- Daily support respected (oversold bounce)
- Dynamic resistance breached
- RSI above 50
- Volume below average
- Fibonacci technical targets
XLMUSDT’s trend has been putting in consecutive lower highs, this projection has still not being broken.
Daily support held with an overthrow, trapping short traders, an oversold bounce lead to breaking the dynamic resistance.
XLMUSDT is establishing a retest, holding this will likely push price into technical targets.
The RSI is trading at the 50 level, must hold for a bullish bias, breaking bellow will negate the probable setup.
Volume is clearly below an influx will be likely for this retest to hold true.
Overall, in my opinion, this is a valid retest of the dynamic resistance. A long trade is valid with define risk, Fibonacci levels being the target. Respecting the 21 MA will give a visual guide of the developing trend.
What are your thoughts?
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And remember,
“You can lose your opinion of you can lose your money.” – Adam Grimes
