Trade Recommendation: Stellar

The price dropped to a support zone formed by SMA100 and 0.50 support level. RSI reached the oversold zone and it is going to confirm the price reversal. MACD histogram is going to support possible upward movement. This support zone can be a good starting point for a new upward wave. DMI still confirms the power of bears and for opening long trades it will be better to wait when ADX line starts falling. Probably we’ll get such signal from DMI, when price moves above the downtrend line. Also the breakout above the downtrend line will give us an additional confirmation for further upward movement. We can place pending orders for buy above the downtrend line and 0.58 resistance level, in order to join to the main uptrend on time. Estimated entry level should be at 0.60 with stop orders at 0.45 level. Profit targets are 0.75 and 0.90 resistance levels. The part of trade volume can be left for long run. The market has good potential for reaching new highs. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Buy: 0.60
Stop: 0.45
Profit Targets: 0.75 and 0.90

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Stellar.

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.