Hi friends! I hope you're all doing well today. Let's take a look at Stellar! If you recall from my last XLM post, I showed you the XLM beakout and subsequent failure into the ascending broadening wedge (blue dashes.) We can see that at one point, price rallied significantly out of the broadening wedge, and the falling parallel channel (pink dots.) However, it turned right back around to close back inside of the two patterns, forming a shooting star-like candle (shooting star.) This is a sign of weakness, showing that the sellers have quickly suppressed the buyers, when the bulls attempted a breakout. At the moment, you can see that XLM is holding onto the 50 EMA (in orange) for dear life, as it moves closer and closer into the apex of trendlines. Overall, the bears appear to have an edge over the bulls, as they've been able to turn the last two breakout attempts into failures. However, we can see that there is another possibility. It is possible that a new uptrend channel has formed (in green.) You can see how XLM is being squeezed by all of these different trendlines at the moment. It's being compressed, and coiled, into a tiny area. This increases the likelihood of some explosive movement, when it finally does break. Nothing is guaranteed, it's just more likely. There is a nice amount of open white space, above and below, at the moment too. On the upside, overhead resistance exists from 70-79 cents. Downside support lies at the 50% retracement level, around 50 cents. Below that, support will likely be found at the 200 EMA (in purple.) From here, we will have to see which direction this thing breaks. This has been your fearless kung-fu chart master, MPC. Much love to the fans and the haters.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Sorry to burst your buble but thats not a shooting start, its just McAfee bumping another coin. But this this time one of the top 10s so it dint had such a big impact.
That being said, XLM will have a nice year most likely, but that "shooting start" its just an illusion.
@Acel, You better should stay out of crypto with your lack of information. And you make your own TAs.. man srsly.. XLM will boom at least once FairX has arrived.
Acel
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@Seviii, did you even bother to read my comment? Or only the first sentence and you got triggered?
Since you are too triggered to even search i will help you out and post the link. After you read it, look at the chart and see the relationship between the feed and the time of that "shooting star". Then read my commend till the end. Thanks.
@Acel, Thank you for commenting! Notice, that I said “shooting star-like.” Technically, it isn’t a full blown shooting star, because there isn’t a gap up from the previous candle, but it’s very close. Regardless, it shows firm sell-side pressure. =D
Acel
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@MagicPoopCannon, nothing against your or your TA. Just wanted to point something out. Volume on that candle is x3 compared to the Avg volume and x5 compared to the previous and next candle.
That being said, XLM will have a nice year most likely, but that "shooting start" its just an illusion.