Stellar drop before bounce

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.

Ghi chú

Ghi chú

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.

Ghi chú

looking for a temporary bounce after MACD signalling bullish divergence

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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.

Ghi chú

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

Ghi chú

*hidden bearish divergence

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watching closely for a definitive move here

Ghi chú

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

Yrat

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Yrat