STORJ - Uptrend Broken, Potential Support Retest?
STORJ has been seeing some heavy resistance since quite the bullish breakout from it's previous retest.
Broke through it's uptrend support line, if we see it using it as resistance will be sign of bearishness.
We're still trading above all notable EMA's with the previous bounce being at EMA 100. Watching how STORJ behaves around EMA 50 (right about now) will tell us a lot. If that's the new support level, it will be a sign of bullishness.
Indicators:
RSI is in freefall at the moment but EMA is still strong.
MACD is showing a bearish cross with first bearish divergence in a while.
OVERALL:
Wait to see how it behaves here. If we see strong support around EMA 50 we'll get a bounce back up, if EMA 50 is ignored we'll retest EMA 100 and likely have some bearishness in the future.
--
“We are what we repeatedly do. Excellence then is not an act, but a habit." - Aristotle
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Broke through it's uptrend support line, if we see it using it as resistance will be sign of bearishness.
We're still trading above all notable EMA's with the previous bounce being at EMA 100. Watching how STORJ behaves around EMA 50 (right about now) will tell us a lot. If that's the new support level, it will be a sign of bullishness.
Indicators:
RSI is in freefall at the moment but EMA is still strong.
MACD is showing a bearish cross with first bearish divergence in a while.
OVERALL:
Wait to see how it behaves here. If we see strong support around EMA 50 we'll get a bounce back up, if EMA 50 is ignored we'll retest EMA 100 and likely have some bearishness in the future.
--
“We are what we repeatedly do. Excellence then is not an act, but a habit." - Aristotle
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.