18% Gone Since My Bear Call Yesterday — Stellar! (XLM)

BITTREX:XLMUSD   Lumen / US Dollar (calculated by TradingView)
Welcome friends and haters alike — to this spectacular analysis, brought to you by the often imitated, never duplicated, legendary wizard of the markets! Let's jump right in! Looking at the four hour XLM chart, you can see that an 18% drop has occurred since my bearish post from yesterday, in which I called for more downside. When will they ever learn?

If you recall from my post, I said " You can see that the 200 EMA and the 50% retrace are converging, which should strengthen that level as support. I would expect to see some sort of a reaction at that level. However, if XLM blows straight through it, the bears will have snapped two support levels in one fell swoop, which would likely trigger even more selling." Looking at the chart, we can see that the bears have, in fact, blown straight through the 200 EMA and the 50% retrace. The next area of support should be around the pink trendline , and then the 61.8% retrace. What I'm interested in seeing now, is whether or not we make a lower low. A test of the 618, would solidify a lower low on the chart. Looking at the MACD , we can see that it's plummeting into sell-side territory. This move is getting a little over extended, but volume is continuing to rise, and momentum is continuing to expand. Going forward, let's look to see if we get a break below the pink support level , and then a test of the 618. I do expect a pause here shortly, but if XLM smashes through the 618, the bottom of the wedge would be up next.

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-

it went down because of BTC
Your wrong analysis kept me from buying yesterday :) my buy order was lower, maybe I should not follow your analysis
I'm glad you were completely wrong on this one:-) Volume looks great, increasing constantly, MACD and RSI, both confirming the cup and handle, that has formed during the last few days. Your bearish call was a correction that was observed throughout the whole market yesterday...
Thanks for your very analytical are mostly correct TAs.

I wouldn't call that a "huge failed breakout". Looks liike a breakout to me, a nice one. Show me big breakout without a pullback and I'll show you a small breakout.
@Broom, It's a "huge failed breakout," because it failed to hold a test of the top trendline. The ascending broadening wedge (blue dashes) is a bearish formation, which produces breakdowns of the bottom trendline. Therefore, the breakout failed, and the larger pattern continues to trump any others, increasing the likelihood of a future break of the bottom trendline.
Broom MagicPoopCannon
@MagicPoopCannon, I still wouldn't call it a failed breakout. Nothing failed about it, it was above your trendline for 10 days+. It closed above the trendline on the daily, weekly chart, seems like you are just making shit up.
Why do you spend more time on the haters than the much larger group that follow you and appreciate your posts?
MPC ain't new to this, he's true to this, don't hate because he's ballin so hard rn...
I don't understand. Why all the hate?? MPC has been accurate NOT ONLY in his calls but also in the technical explanations. Looking at TV, its obvious there are very few who can actually look at the situation objectively. MPC has saved me lots of money. I cashed out with profit and will be waiting to re-enter when conditions permit. MPC and his guidance has been extremely helpful unlike 99% of everyone here who calls for the moon based solely on wishful thinking. As others have said... you the sh!t, MPC!
LLol you're not "Ballin". If you were " Ballin" you wouldn't be wasting time posting all these excessive clickbait articles on tradingview
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