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.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Sorry but lately you are not very good at inspecting what is a bear flag or not
asdfghghj
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@asdfghghj, I need cheap stellar but hope is becoming thinner and thinner
mindboxed
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@asdfghghj, could you be more specific? @MagicPoopCannon ’s analyses’ have been pretty damn precise in my opinion.
streetgainer
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@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.
mindboxed
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@streetgainer, yes that is a common philosophy that I understand. I was referring to the previous comment
MagicPoopCannon
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@asdfghghj, The bear flag is breaking down hard. You still think I'm not very good?