Stellar drop before bounce

Oct 26, 2017

Stellar could be forming a new falling wedge inside a larger long term pennant. Expecting a further drop before bouncing off support.

Opened a short position at 670 after price stalled and revealed the wedge's resistance, posted earlier today here:

Target price around 550-570. Breakdown of this Fib confluence could bring price to the low 500s until support is found at the lower bound of the larger pennant. Longer term bullish, expecting over 1000 sats eventually.

Oct 26, 2017

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Oct 26, 2017

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updated wedge lines. closed most of the trade earlier today for ~8% profit. waiting on a MACD signal before making the next move. stellar 0.00% seems increasingly reliant on moves in BTC price, so keep a watchful eye on that action as well.

Oct 27, 2017

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looking for a temporary bounce after MACD signalling bullish divergence

Oct 27, 2017

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Bounce predicted in the last update is confirmed. Holding a small long position now. This could be the move that takes us out of the falling wedge. Will add to position if we break through upwards, if not, planning to sell at resistance.

Oct 27, 2017

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bearish divergence suggesting we are heading back down off resistance. not quite ready to push through the wedge yet.

Oct 27, 2017

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*hidden bearish divergence

Oct 27, 2017

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watching closely for a definitive move here

Oct 27, 2017

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now setting up a long position, planning to buy any dips here, price holding above previous wedge resistance pretty well. watch for increased volume.