With BITFINEX:BTCUSD screaming high above 8k, we've seen most alt coins lag quite a bit. Most performances have been pretty bismal, but I think things may be about to turn around if we can see Bitcoin cool off here.
One coin that grabbed my eye was BITFINEX:XLMUSD. I did some chart analysis and it seems to have reversed trend giving us a great set up with good potential upside of around $0.30 for my near term target.
I entered a trade at $0.11
Case for the Bulls:
Strong bounce off of supporting trendline
Clean break out from suppressing trendline
First bullish sign from Lazy Bear Indicator
Bitcoin showing upside
Case for the Bears: *General Altcoin market conditions may not yet be ready *Case for this to be a bull trap
Overall, as long as we hold the supporting trendline, we have an uptrend. All we must do is buy the higher lows and protect our capital in the event of a reversal.