BITTREX:XLMUSD   Lumen / US Dollar (calculated by TradingView)
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Looking at the cryptocurrency Stellar             , we can see that it's had a strong move higher, in a series of bull flags. However, it is trading inside of a technical pattern, known as an ascending broadening wedge (shown in dashes.) This is typically a bearish pattern , that eventually results in a breakdown from the bottom side of the wedge . That's significantly lower from current levels, and given the apparent rotation into cheaper coins, Stellar             could defy the technicals and break out of the top side of the wedge . However, I think that is unlikely to happen. The most likely scenario, is that Stellar             finds resistance at the top side of the ascending wedge , before beginning it's descent.

Remember, when you want accurate technical analysis , turn to your trusty ol' friend, the MagicPoopCannon!

Happy New Year!

I'm out.
-JD-
Kommentar: ***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
should i join the train right now? thanks for the ta anw
Antworten
MagicPoopCannon yosua_gunawan
@yosua_gunawan, I would wait to see if it breaks out of the top of the wedge, before getting long. That would signal further upside in Stellar.
+2 Antworten
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