Hi friends! Welcome to this update analysis on Stellar! Looking at the four hour XLM chart, we can see that a nice bounce has occurred off of the bottom of the ascending broadening wedge. Additionally, green volume is starting to appear on the chart, as the MACD crosses over bullish, confirming the presence of the bulls. However, the consolidation off of the low appears to be a bear flag. In fact, I will label it as a bear flag, and I will treat it as a bear flag, until it proves to me that it isn't a bear flag. I want to see a break above the 50 EMA (in orange,) the 200 EMA (in purple,) the 50% retrace, and the top of the bear flag, to know for sure that it isn't a bear flag. Until then, I simply cannot side with the bulls, off of this unimpressive bounce. Could this be a bottom in the market? Absolutely. However, until the aforementioned developments start to materialize, I will remain skeptical. Pay close attention to what happens in this consolidation zone, and particularly, which direction it breaks.
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-
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-