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.***
LLol you're not "Ballin". If you were " Ballin" you wouldn't be wasting time posting all these excessive clickbait articles on tradingview
MagicPoopCannon
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@MS3IV, What you see as a waste of time, I see as another opportunity. Thanks for contributing to the cause bro. You’re pushing me to the top! =D
MoonPickle
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@MS3IV, MPC is balling so hard he draws this shit for fun and doesn't charge you for it. sounds like a true baller to me
cc247
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You the Man MPC
josephtse
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How can you call short on every other coin and call long on ETH? I think ETH was just an overthrow and you'll see it slam down hard. Only time will tell. None of these waves are completing and coins just fall right when you think they will break out. All rallies are to continue being shorted. Safest play right now. Tether is about to be busted for their spoofing, buy/sell walls and market manipulation. They've been only maintaining 20-30% capital resverves in my opinion. Maybe 50%. But certainly not 100% as they claim, and the whole crypto space will come crashing down. CFTC and SEC are gonna end up stress testing them, them probably risk a bank run on those Taiwanese banks, so they wised up and broke ties.
MaxBlue
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@josephtse, It will be interesting see how a USA government agency can force a Hong Kong based company like Bitfinex to comply with anything. Nevertheless, there is trouble brewing for Bitfinex and Tether which is giving momentum to .gov heavy hand of regulation, the instrument of the international banking cartel. JMHO
ETHMiner
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@MaxBlue, The US Govt still has the power to stop exchanges such as Binance, HitBTC and Poloniex operating in the US, from using Tether which would globally crash the price. If this happens, I believe this would cause a massive panic, as many people would rush for the exits. Furthermore, according to CoinMarketCap, Tether's market cap recently increased from 1.6B to 2.2B with the recent flush of bad news. This leads me to believe that Tether does not in fact have the amount of USD that they claim they have, and could have just printed (as Tether is run by one organization that can print tokens at will unlike BTC or ETH) all this Tether to compensate for the extremely bad news.
At this point I believe that it almost seems like a certainty that BTC will at least dip to $7800, due to the recent longer term Equilibrium Pattern bear break, and due to Elliot Wave Analysis suggesting that we are just beginning the final corrective wave (subwave 5 of wave 3) of a Zig-Zag 5-3-5 Correction. However, if the rumors are true, and the US Securities Commission implements severe regulations on BTC, then I would not be surprised if BTC dropped all the way down to the $4000 range, and found support at the Weekly Logarithmic Trend Line that BTC broke out of in May 2017.
Even with all of this said, I still believe that BTC is still bullish on the yearly timeframe, as it has made many recent breakthroughs, such as the development of the Lightning Network.