MagicPoopCannon

Visionary Analysis From The Legend Himself! STELLAR! (XLM)

BITTREX:XLMUSD   Lumen / Dollar (calculated by TradingView)
Hello friends! Let's take a look at this update analysis on Stellar! Looking at the four hour XLM             chart, we can see that a bounce occurred off of the pink support level that I drew on the previous analysis. You can see that a nice hammer was formed on the pink trendline , and price has rallied above the 50% retrace, and the 200 EMA (in purple,) but still remains below the 50 EMA (in orange.)

As you can see, I've done a bit of hypothetical analysis here. I've drawn a proposed head and shoulders pattern, over the current price action. We don't actually have a right shoulder yet, but I think there is a high probability that one will be formed. Looking at the chart, you can see that there are several overhead resistance levels, which could easily act as resistance, turning price back to the downside to form the right shoulder. For now, I just wanted to illustrate the potential for a head and shoulders pattern to develop here, so that you are aware of the possibility. As I've stated, the right shoulder is hypothetical, and I've drawn a decently large area for the shoulder to form. A shoulder could fill the whole area, or it could fail at the 50 EMA , and form a small shoulder right now. Regardless, a head and shoulders pattern here, would likely produce a test of the bottom of the ascending broadening wedge pattern (blue dashes.) I've been calling for a test, and possibly a breakdown, of the wedge pattern for weeks now. If the pattern holds true, it should produce a break to the downside. That's why I've highlighted the "huge failed breakout." It shows that an upside breakout was unsustainable, and the ascending broadening wedge trumps the rest of the chart. Knowing that, in conjunction with the rest of the indications, it seems as though a test of the bottom of the wedge is inevitable. For now, let's just watch to see if a head and shoulders pattern develops.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
Komen: If you want to see how I called the top in XLM, take a look at my older post...

Since I've found your posts my trading game has been a lot more sound, any idea how NEO is looking for the future?
Balas
Dude who are you and what alien race is beaming this mastery down to you?
+1 Balas
crypto_ham freeskier327
@freeskier327, I love this guy. But he's totally a reptilian god sent from satoshi nakamoto to enlighten us
Balas
Always providing insight.......top guy on Trading View in my opinion.
Balas
what I see is that, it could form a reverse cup and handle then break to the downside to 0.3 . another thing is that on poloniex there is a large buy wall around 0.3 this is the third time I saw wall for Stellar. last 2 times both wall were broken. so this time it may happen again. Can you give me some thoughts?
Balas
crypto_ham VoDucVan
@VoDucVan, thanks man i would like to know the same
Balas
VoDucVan crypto_ham
@crypto_ham, my thought is that it will form another reverse cup and handle o daily chart. top of handle could be 0.55 then down to 0.3 or 0.25 level. in next 12 hour we could confirm about this. what do you think?
Balas
Poop, Again, bear market...thanks for insight....you are very entertaining.....you should write a t/a book....I’d buy it. Hardeight outty
+6 Balas
t3quilero hardeight
@hardeight, I'd also buy it!
Balas
good shit
+3 Balas
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