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-
Remember, when you want accurate technical analysis, turn to your trusty ol' friend, the MagicPoopCannon!
Happy New Year!
I'm out.
-JD-
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***