MagicPoopCannon

Stellar! Wounded on The Battlefield! (XLM)

BITTREX:XLMUSD   Lumen / Dollar (calculated by TradingView)
Hi friends! Welcome to this analysis on Stellar! =D Let's get right into it. Looking at the four hour chart, we can quickly see that stellar             is in trouble. After breaking out of the ascending broadening wedge pattern (blue dashes,) and making an all time high, stellar             broke down back into the wedge , and traded all the way down to the 200 EMA in purple (held.) After holding the 200 EMA , XLM             rallied back above the wedge pattern (breakout,) but quickly rolled over and fell back into the wedge (failure.) Currently, XLM             is also trading below the 50 EMA in orange. It appears as though XLM             has started to form a downtrend channel (pink dotted trendlines .) Additionally, we can see that there has been a negative shift in momentum, causing a bearish crossover on the MACD (red circle.) From here, I would expect further downside. Initial downside targets are the 50% retracement level, around 50 cents, and then the 200 EMA in purple, around 45 cents. On the upside, for the bulls to establish an uptrend, they will have to breakout above the falling channel , and above the ascending broadening wedge . As a side note, an ascending broadening wedge pattern is a bearish pattern , that usually results in a break of the lower support level . I'm not saying that will happen, it's just something to keep in mind.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, like, comment, 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.***

-JD-
XLM didn't fail anywhere, you're charting it wrong. It's following Elliot Waves.
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ecapati Xatos
@Xatos, hate to say this.
but he's right where he says its going to fail and it did.
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Xatos ecapati
@ecapati, Indeed it did.
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Possible inverse Head & Shoulders forming?
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that isn't a failure... you need multiple touches to establish a channel. Please learn how to read charts
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jamo265 jamo265
@jamo265, https://www.google.com/search?q=technical+analysis+channel&source=lnms&tbm=isch&sa=X&ved=0ahUKEwiO2_jBodnYAhUkmeAKHQYZByQQ_AUICygC&biw=1920&bih=974#imgrc=2psnb2ZMltYMbM:
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dmblades jamo265
@jamo265, love it
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jamo265 dmblades
@dmblades, Xlm has hit a key .5 fib from the lows around .40 on 1/11 to the highs on 1/13. This thing banged off the entrancement level and is going to break a dollar by the end of January.
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jamo265 jamo265
@jamo265, Retracement*
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How do you get the EMAs on there? Looked in the indicator list on trading view and couldn't make them appear like that - also noticed there are a bunch of settings. Can you share or is this like sharing a secret recipe? :) Thanks for the analysis!
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