RATE Group | Trade Recommendation: Bitcoin | Hacked: Hacking Finance
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Trade Recommendation: Bitcoin | Hacked: Hacking Finance

28 Jul Trade Recommendation: Bitcoin | Hacked: Hacking Finance

Posted at 22:57h in Bitcoin News by

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Stellar/Bitcoin (XLM/BTC) is one of the few cryptos that is still in the green year to date. It opened at 0.00002553 in 2018 and as of this writing, it is up by over 40%. However, XLM/BTC appears to be in the midst of a pullback. This development can be jarring to market participants, especially after the pair recently pierced resistance of 0.00004.

Nevertheless, long-term investors shouldn’t be concerned. It appears that this pullback is a setup for a big comeback.

Technical analysis show that Stellar/Bitcoin is creating a large symmetrical triangle pattern on the daily chart. This view comes after the pair failed to take out resistance of 0.00004. This tells us that the most recent rally was the D-wave of the triangle. If that’s the case, the current leg down should be the E-wave of the triangle.

To support our view, technical indicators are flashing signs of exhaustion. The daily RSI respected resistance of 74 and then it generated a lower high of 63.

In…

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