Over the last two months, we have not been in favor of chasing big up moves in altcoins. As you may know, we have dramatically changed our tune and believe you can buy dips in alts. We always disclaim the statement by saying you should buy on dips in “quality” alts.
When it comes to Stellar ( XLM ), we don’t know about the fundamental quality. Technically, it has potential. Stellar ran up to the previous 4th and 200-day moving average near .90. “The previous 4th” is speak for the point where the final leg lower started near the tail end of a bear market.
Bottom Line: XLMUSD got rejected at resistance the first time up. It will be interesting to see if Stellar ( XLM ) can continue to move up. If it does, it could be the start of a much bigger rally. Watch. 90.
Published at Tue, 05 Nov 2019 15:14:13 +0000