I have had quite a bit of cash ready to deploy since Bitcoin has made it's ride up. I'm now starting to feel pretty confident in the trends establishing in some alts, namely in the XLMUSD pair.
While I do enjoy talking about the fundamentals of different blockchain technologies, they are in no way my specialty.
What I am decent at is trend analysis. And I think I've found a goldie here (early on too).
With BITFINEX:BTCUSD screaming high above $8k, we've seen most alt coins lag quite a bit. Most performances have been pretty bismal, but I think things may be about to turn around if we can see Bitcoin cool off here.
One coin that grabbed my eye was BITFINEX:XLMUSD . I did some chart analysis and it seems to have reversed trend giving us a great set up with good potential upside of around $0.30 for my near term target.
I entered a trade at $0.11
Case for the Bulls:
- Strong bounce off of supporting trendline
- Clean break out from suppressing trendline
- First bullish sign from Lazy Bear Indicator
- Bitcoin showing upside
Case for the Bears:
- General Altcoin market conditions may not yet be ready
- Case for this to be a bull trap
Overall, as long as we hold the supporting trendline , we have an uptrend. All we must do is buy the higher lows and protect our capital in the event of a reversal.
Nothing fancy here, just good ole trend trading.
Trade Cryptocurrency on Coinbase. Use my referral and get free Bitcoin!
Referrals are an appreciated way to support my efforts.
Congratulations @cryptomeeks! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
<table><tr><td><img src="https://images.hive.blog/768x0/https://steemitimages.com/60x70/http://steemitboard.com/@cryptomeeks/votes.png?201906271744" srcset="https://images.hive.blog/768x0/https://steemitimages.com/60x70/http://steemitboard.com/@cryptomeeks/votes.png?201906271744 1x, https://images.hive.blog/1536x0/https://steemitimages.com/60x70/http://steemitboard.com/@cryptomeeks/votes.png?201906271744 2x" /><td>You distributed more than 4000 upvotes. Your next target is to reach 5000 upvotes. <p dir="auto"><sub><em>You can view <a href="https://steemitboard.com/@cryptomeeks" target="_blank" rel="noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">your badges on your Steem Board and compare to others on the <a href="https://steemitboard.com/ranking/index.php?name=cryptomeeks" target="_blank" rel="noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">Steem Ranking<br /> <sub><em>If you no longer want to receive notifications, reply to this comment with the word <code>STOP <h6><a href="https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1" target="_blank" rel="noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">Vote for @Steemitboard as a witness to get one more award and increased upvotes!Dear @cryptomeeks
I just decided to visit your profile and see if you're still active I don't remember seeing you around lately.
I really hope you didn't give up on Steemit yet. It has been quite a while since your last publication.
If you would ever decide to come back and would post anything, then please send me link via memo and I will gladly check it out.
Yours, Piotr
Hey Piotr, feel free to check out my latest blog post.
https://steemit.com/money/@cryptomeeks/work-for-assets-not-money
Thanks for sharing @cryptomeeks. Will check it out right away.
Welcome back after a long break. Would you mind sharing with me what's your impression so far after latest forks? One week after hf21 and hf21 has been introduced?
ps.
Check out my latest publication..
It brought some real emotions. I've been downvoted by over half million SP (attack of few accounts), however I also received solid support and few strong upvotes and now I will be enjoying the biggest genuine payout in my lifetime ;)
Yours
Piotr