MagicPoopCannon

Stellar Bounces — Into A Bear Flag! (XLM)

BITTREX:XLMUSD   Lumen / US Dollar (calculated by TradingView)
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-
Absolutely with you.
The people are unstable in market. Why ? Fear ?
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please use that poop emoji again
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también puede ser una gran bandera alcista. Observa más de cerca
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Sorry but lately you are not very good at inspecting what is a bear flag or not
+5 Reply
asdfghghj asdfghghj
@asdfghghj, I need cheap stellar but hope is becoming thinner and thinner
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mindboxed asdfghghj
@asdfghghj, could you be more specific? @MagicPoopCannon ’s analyses’ have been pretty damn precise in my opinion.
+3 Reply
streetgainer mindboxed
@mindboxed, In other words, he's like me. He want's more lower to by cheaper. It's a different mindset that results in HUGE rewards. It requires changing the way you think.
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mindboxed streetgainer
@streetgainer, yes that is a common philosophy that I understand. I was referring to the previous comment
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@asdfghghj, The bear flag is breaking down hard. You still think I'm not very good?

-Magic-
+5 Reply
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