XLM has finally bid farewell to its May 20-21 FVG after today’s confirmed rejection through the 4H 100-SMA inside it. Last week’s dip wick awaits.

As a result of this recent price movement, yesterday 2nd long attempt has ended in another stop loss:

https://www.finlogix.com/analysis/20240529/xlm-intraday-analysis-and-trading-plan-for-may-29-2024

A new record of 2 losses with a zero win.

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 tonight.

The crypto markets in general including XLMUSD have limited upside potential this week and sellers are inching closer to retest last week’s lows.

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Still a Red Spinning Top since last check

Monthly Candle: Last check is a Green Doji now a Red Semi Doji

Weekly Candle: Last check is a Green Long-Legged Spinning Top now a Red Long Upper Shadow with a Big Body

Daily Candle: Previous close is a Red Long Upper Shadow with a Big Body current is a Red Long Upper Shadow

XLMUSD has completely given up its nearby FVG in today’s rejection!

Both the 3 simple 4H moving averages are now acting as resistances.

The FVG as well has become a sell order block and with the OB from last week’s low, I can see a bearish descending triangle pattern in play.

I’m not saying that I’m totally bearish, it’s just that the alts including XLM are following Bitcoin’s shadow with their leader just lost the 68-69K levels.

So two quick stop losses for my longs and this time I’m gonna short XLMUSD now that I see validations explained above.

I’m shorting the next 4H candle rally attempt with a stop loss inside the FVG turned sell OB while taking profit towards last week’s low.

For now, let’s continue to keep an eye if this descending triangle finishes.

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 30, 2024

May 30 2024

1