Friday’s unexpected crypto market wide dump has connected my May 30’s bearish descending triangle call for XLM resulting in a profit!

My May 30’s short trade plan has ended my 2 consecutive losses:

https://www.finlogix.com/analysis/20240530/xlm-intraday-analysis-and-trading-plan-for-may-30-2024

Join me as I share new technical stand points for XLMUSD.

The US is set to have 11 high impact economic reports starting tomorrow Wednesday.

The crypto markets in general including XLMUSD are trying to recover their support levels from Friday’s dump aftermath.

With another heavy data week in the US, we are expecting a high volatility trading week ahead!

Re-assessing XLMUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Spinning Top now a Red Body with a Longer Head Wick

Monthly Candle: Previous close is a Red Long-Legged Spinning Top current is a Red Long Lower Shadow with a Medium Body

Weekly Candle: Previous close is a Red Long Lower Shadow with a Medium Body current is a Red Semi Gravestone Doji

Daily Candle: Previous close is a Green Long-Legged Doji current is Developing a Red Shaven Bottom

XLMUSD’s Friday top of the persistent lower high trendline was achieved before the great dump that even liquidated the sell side liquidity levels below the mentioned order blocks in May to as far as April!

The 4H 50-SMA has also immediately reacted as an internal resistance level that helped realize my May 30’s bearish descending triangle pattern.

Still both the 3 simple 4H moving averages are our resistances and currently price have steadied and consolidated just above April 13’s external lows

We have an obvious nearby sell order block waiting to be tested to take profit levels based on the recent long positions indicated in Friday’s long tail wick dump.

Based on my recent understanding of XLM’s price actions, the crypto just had a panic overselling session so I’m going to open a long position just below April 13’s external lows.

I’m targeting a breakout above the nearby order block’s red trendline resistance as it approaches the lower high trendline as well with a tight stop loss only.

Hoping this corrective up wave extends higher first before the next potential drop.

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 June 11, 2024

Jun 11 2024

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