XLM’s Tuesday rally is rejected on its 4H 200-SMA, May 21’s persistent local lower high continues to play.

As a result of this recent price movement, my May 27’s breakout long trade got spoiled ending in a stop loss:

https://www.finlogix.com/analysis/20240527/xlm-intraday-analysis-and-trading-plan-for-may-27-2024

Join me as I share new technical points of view for XLMUSD.

The US is set to have 4 remaining high impact economic reports starting Thursday to Friday.

The crypto markets in general including XLMUSD have continued trading above their respective support zones after Bitcoin held its crucial 67,000 support this mid-week.

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Still a Red Spinning Top since last check

Monthly Candle: Still a Green Doji since last check

Weekly Candle: Last check is a Small Green Long Lower Shadow now a Green Long-Legged Spinning Top

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Tail Wick

Analysis for today is just the same as where I left last Monday.

Nothing’s changed in the higher timeframe candles except for a minor change in weekly which already revealed its true body structure this mid-week (Wednesday).

Good intraday lows that were immediately picked up by the buyers not able to surpass yesterday’s swing low. Today, we expect another shot by the XLM bulls to break the nearby local lower high trendline.

It’s also noting that a previous 4H candle has closed in a strong bullish candle and current is printing a neutral doji but with the recent swing low yesterday, XLMUSD’s price is still trading inside the overlapped FVG.

Even after the quick stop loss in my previous long attempt, I’m repeating the same trade setup in today’s trade plan:

XLM bulls getting ready for a round 2 fight towards the nearby LH TL!

I’m betting that the local high trendline will break soon!

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

XLM Intraday Analysis and Trading Plan For May 29, 2024

May 29 2024

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