Today, our altcoin analysis should be on Stellar Lumens inverted head and shoulder pattern and how buyers might be loading up their long positions. It’s all on maybes especially now we know that the trend is bearish right from the top.
Anyhow, if it continues this way, the recovery might see buyers testing the main resistance trend line and that is what many want. We are all dying for a recovery.
Contrary to expectation, bears couldn’t follow through with yesterday’s minor break out. Against all odds, there was a slight appreciation as NEM buy pressure pushed prices back towards the minor break out trend line.
What is interesting though is that all this developments did happen within the break out candle. This beckons more questions than answers in the coming sessions.
Technically, we are in a bearish trend but momentum wise, buyers are likely to load up their longs. I this regard, we should be watching the reaction at the middle BB and $1.14 more so if NEM sellers fail to close below $0.83 today. For more perspective, it won’t hurt if we analyse Lumens price action from two angles. Read more from newsbtc.com…
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