UpDate - Stellar (XLM/US Dollar) Technical Analysis - Falling Wedge Confirmed, New Negative Pattern Appears (8/08/2018)

Technical Price Chart Analysis for Stellar (XLM/USD)

Over a week ago, I posted the chart and commentary below in this Steemit post.

Outlook:
The recent lows in Stellar (XLM) have made the positive 'Falling Wedge' a little broader, but the wedge's expected outcome is still for it to move to the upside, time will tell if it breaks the $0.33 resistance level in the next move up.

I'll follow up when the broader Falling Wedge is either confirmed or denied, and a new pattern has taken shape.

In Reveiw:

As you can see in the review chart below, the price of Stellar (XLM/USD) confirmed the 'Falling Wedge,' but it hasn't broken above its resistance levels and doesn't look like it will in the near future.

Outlook:

The positive pattern that was the 'Falling Wedge' has now turned into a narrow 'Descending Channel' pattern.

All technical 'channels' are meant to break sooner or later, in regards to a 'Descending channel' if it breaks below it, it's a signal that the price will fall lower, however if the price breaks the channel to the upside, it will be a clear indication that the price should start moving back up.

Hopefully, Stellar (XLM/USD) will break its negative channel sooner, rather than later. Time will tell.

Outlook:

Short-Term - Negative

Long-Term - Very Positive

Thank you for your time, Every Vote is Appreciated! Thank you.

Disclaimer: This is not financial advice.

The Charts provided courtesy of TradingView.com

Normally, I write about Gold Nanoparticle Cancer Research and I do technical analysis for silver, gold, and the U.S. dollar, but I'm also a fan of cryptocurrencies, and because of this, I've started to share my charts on the coins and tokens I own or follow.

My website is called: The Free Bullion Investment Guide, it offers anyone interested in the precious metals bullion markets an honest place on the web that provides bullion market reference material, bullion market news, and other market-related information. http://www.free-bullion-investment-guide.com/

Lastly, the bullion guide supports and sponsor's Gold Nanoparticle Cancer Research, half of every dollar it earns goes to this research through The Angel of Healing Cancer Research Fund. (This includes the money earned through steemit)

God Bless,

Steve Warrenfeltz