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XLM/USDT (Futures) Potential Upward Movement

XLM/USDT (Futures) Long-Term Trend: Bullish

Key Resistance Levels: 0.36602, 0.39027, 0.40000.

Key Support Levels: 0.33062, 0.31292, 0.31000.

Daily Time Frame:

The price on the higher time frame found support around the 0.32990 USDT mark where it posted an engulfing bullish flag which led to a reversal and a move to the upside. Most probably we are in the 1st leg up in a new trend to the upside and we expect a new impulsive wave toward the next key resistance level.

XLM/USDT (Futures) Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price is traded inside a bullish flag formation where a lower correction could be seen toward the area of confluence. This zone is made of the 50% Fibonacci retracement level, a strong support, and the lower end of the flag pattern. This could lead to the end of the correction and then a new move to the upside.

Signal Idea:

Buy Limit Order @ 0.33989

TP 1 @ 0.36537

TP 2 @ 0.39027

Stop Loss @ 0.33149

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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