Stellar Lumens VS Bitcoin Upside Target

Since March Stellar Lumens went up from 2100 up to 4900 satoshis, while breaking above the descending channel and the 200 Moving Average. Price has found a strong support at 3500 satoshis area. This is 50% Fibonacci retracement level, which has been rejected for the 3 consecutive times.

It looks like XLM/BTC accumulation phase is getting to an end which should result in a strong move shortly. Considering the the bullish momentum remains strong and price stays above the support, price is very likely to start rising and could reach the upside target at 9k satoshis resistance. The resistance is confirmed by 161.8% Fibs, applied through the all time high, and the 361.8% Fibs applied to the current corrective wave down.

Break and close below 3450 satoshis level might invalidate bullish outlook, but only for the short term, and could send price lower or perhaps just extend the consolidation phase.



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