MagicPoopCannon

Is Stellar Giving Us A Buying Opp? Let's see! =D

BITTREX:XLMUSD   Lumen / US Dollar (calculated by TradingView)
Hi friends! I hope you are all doing well today. =D Lets take a look at Stellar , shall we?

As we can see on the chart, stellar has pushed into the accumulation zone (green box) and is now breaking below the 50 EMA (in orange.) On 1/5/18, I added the accumulation zone to the chart, to highlight the long lower wicks of the chart candles. They're indicative of strong buyer accumulation of XLR, so I wanted to keep an eye on that area. Now that we're trading back into the accumulation zone, many of those buyers are suddenly experiencing a loss, which does have an effect on market psychology. Events such as this, can sometimes produce accelerated selling, so it's important to pay attention to. Just below the current price level, there is support at the top side of the ascending broadening wedge pattern (blue dashes.) At the moment, it appears as though XLR could trade down to that level, to define it as new support. That's called "confirmation" in technical analysis — when a breakout occurs, and then price action returns to the breakout level to confirm it as new support. So right now, the current move is just giving us a little yellow flag for caution. If XLR breaks back into the rising broadening wedge , that's a red flag warning, and we're likely witnessing a failed breakout. Stellar's MACD and signal line are trading very close to one another, so it wouldn't take much to get a bullish cross down there. The crypto markets are being sold right now, and rightfully so, given the enormous gains that they have sustained over the past few days. Remember, as long as we stay above the rising broadening wedge , stellar remains in an overall bullish posture. Before taking a long-side trade, I will look for a bounce off of support, and a bullish cross on the MACD . I'll keep you posted!

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

-JD-
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