Hello Lads and Ladies,
This time I was requested to look into XLMBTC and I see a short term possibility here.
Basically it had a big push and taking this big initial push into consideration, you can perfectly apply the fibonacci retracement. The fibs lines have been respected all along and are functioning very well as support and resistance.
Right now, we just had a touch at the 61.8% fibs line and are starting the bounce to the 50% fibs line. This would be buying in at this moment an easy 10% grab.
Now, here comes the clue behind it. Should XLMBTC not break the 50% fibs, it will come back down to the 61.8% support, no we have seen 4 bounces off of it and as I had mentioned yesterday, with every bounce the support gets weaker, thats why we saw a break in support on the 4th bounce. SO, coming back down a 5th time, might not be able hold it and it has a higher chance of falling down to next support.
ANYHOW, as the markets seem to be moving up after the big pullback, we might also see XLMBTC continue the push through the 50% to the 38.2% fibs line, which would be entering right now around 35% gains.
I myself will enter it now and have a bigger chunk of around 75% set to sell at 4100 satoshi, then I will watch it closely and see what happens and if it has enough momentum and liquidity to continue the push.
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Cheers, Tomas