XLMUSD breaks below previous session low


Stellar/USD Index (XLMUSD) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
XLMUSD closes lower for the 2nd day in a row
XLMUSD breaks below previous session low
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, XLMUSD finished Saturday at 0.2085 losing $0.0117 (-5.31%). Closing below Friday's low at 0.2120, the cryptocurrency confirms its breakout through the previous session's low having traded $0.0110 below it intraday.

Daily chart for XLMUSD
Volatility

Saturday's trading range was $0.0243 (10.92%), that's slightly below last trading month's daily average range of $0.0271. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 0.1947. Prices are trading close to the key resistance level at 0.2212.

Trend

XLM/USD shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Selling might speed up should prices move below the close-by swing low at 0.1942 where further sell stops could get activated. With prices trading close to this year's low at 0.1581, downside momentum might accelerate should the market break out to new lows for the year. Trading close to June's low at 0.1716 we could see further downside momentum if potential sell stops at the level get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Stellar/USD Index
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bearish Bounce off SMA 50 TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Bounced off Technical Resistance R2 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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