G'day frothers,
It's been a while.
I had taken a break from crypto trading to pursue other ventures. But I'm back!.......albeit it with a much smaller portfolio (lol). I'm slowly rebuilding and am enjoying being back trading.
I like the look of a lot of the Alt-coin markets at the moment, and have been trading with coins I don't mind getting stuck with. Stellar Lumens has always been a promising project and is currently oversold on the hourly, 4 hourly, and daily charts. I find the Bollinger bands really helpful for short term trades. It's not a perfect science, but I have found trading success by looking for Bollinger Band breaks and consolidations.
Above: XLM/BTC 1 Hour chart. The last 3 times that the Bollinger Bands have been broken on the downside and then consolated (ie. came back inside the Bollinger Bands without touching them), short term gains were available. You can also see we have had a massive break to the downside in the last 12 hours. We are also seeing a break on the 4 hourly and daily charts:
Above: XLM/BTC 4 Hour Chart
Above: XLM/BTC Daily Chart
There may only be a % or 2 to be gained. Worse, it may consolidate inside the Bollinger bands and again begin to rapidly descend to retest .00001245 (approximately 20% lower than current BTC value) Like I said, it's not a perfect science, but I will be keeping my eyes out for the consolidation and looking to buy a little more XLM to trade for what is hopefully some short term gains against BTC. I may have already bought a little preempting the consolidation (lol). Technically speaking this is NOT a brilliant strategy, but given I'm happy to hold XLM medium to long term I'm allowing myself a little preemptive indulgence.
I hope you have all been well. If you are new to trading please follow the golden rule: Only invest what you can afford to lose.
I enjoy trading on Binance. Low fees, high volumes, and newly introduced margin trading. If you don't have a Binance account yet, what are you waiting for?!
https://www.binance.com/?ref=10235556
Stay Stoked,
Fish