An inverse head & shoulders pattern formed in XLM.

Today was an incredible day for many cryptos, and not so much for others. But one thing you can be sure of is that XLM has been spending the past two weeks forming a perfect head & shoulders pattern on the 30 minute chart that, assuming it plays out bullishly, is almost near the take off point!

If price action breaks out of the dashed white line at the top of the wedge pattern, we could see a dramatic price increase in the coming weeks. This could also be a great sign that XLM could be well on its way to gaining ground, and starting a new bullish trend in the mid to long term.

Good luck, and always use a stop.

تعليق:

I've updated the chart after today's drop. This doesn't mean it won't drop more, but the charts are always evolving.