Hello Steemers!
Today a $STR/BTC chart from me.
Stellar / Lumens has some constant volume on the exchanges and has been undergoing some heavy downtrend so that makes it a market I like to watch out for. It is another coin which I would look as an longer term trade with some high targets.
Clean charts as usual for the start:
1 month chart Poloniex -clean - Nov. 24, 2016
1 week chart Poloniex -clean - Nov. 24, 2016
STR had a hard pump at the end of 2014 with a all time high of 3295 satoshi. It's been in a downtrend for a long time now, since mid January 2015 with a heavy dump at start of April 2016 which resulted in a all time low of only 34 satoshi. Its been traded between 200 and 500 satoshi since, now being at 234 satoshi.
1 month chart Poloniex -lines - Nov. 24, 2016
1 week chart Poloniex -lines - Nov. 24, 2016
With the lines on one can see some accumulation zones (1st - from ~1900 to ~1000, 2nd from ~1000 to ~500 and 3rd from ~500 to ~200), through which the price was pushed down.
1 month chart Poloniex -fib - Nov. 24, 2016
1 week chart Poloniex -fib - Nov. 24, 2016
Fib shows some major accumulation zone bellow 800 satoshi, the price is in the bottom half of it at the moment and seems to be going to test ( or make a new) higher local low then the one in June 2016.
What to expect next?
1 day chart Poloniex -zoomed in - Nov. 24, 2016
The price seems to be making it's way towards the 208 satoshi local low.
The 2 scenarios I see is the price making a slightly higher local low around that price and then going onward with an uptrend, or the price breaking that line and going towards the 34 satoshi all time low.
COMMENT
Once again, I will post the comment by commenting as it involves my personal opinion!
Thank you for understanding!
If anyone has any questions or need's help fell free to ask, I will try to explain as fast and as best as I can.
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DISCLAIMER
I am showing multiple scenarios on the price movement, in the post itself I do not take any stance, either bullish or bearish. I am not responsible for neither you’re winning nor you're losses upon trading! the "comment" section is my personal opinion and does not mean I have to or do hold any positions in the given market.
Everyone who uses TA develops his own unique charting style, please keep that in mind.
Kind Regards, OZ :)
COMMENT
IMHO the price has a decent chance of breaking the local low from June and going down more, however I do think we are at a reasonable price for some position for a longer term target.
For my longer term bullish target i would chose the ~2000 satoshi area, with possibility of going even higher , possibly of new all time highs
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