STXBTC formed bullish reversal moves on support
Mainnet launch:
The Blockstack has a significant event of mainnet launch expected on 30 Sep or earlier. This event is also mentioned on STX coin’s roadmap.
The Channel:
The priceline of STX was moving in a parallel channel and finally broke out the resistance of the channel. Now the previous resistance is working as support and the priceline is re-testing this support again. It can be a double bottom formation above this support.
Continuously harmonic moves:
While the price action of Blockstack is at the resistance of channel that is working as support it has also formed continuously second harmonic bullish BAT pattern and entered in potential reversal zone.
Strong resistance and SMA supports:
The priceline has found very strong resistance at 0.00002519 btc that is not broken out since Nov 2019. After being rejected by this resistance level the priceline is at 100 and 200 SMA supports.
Conclusion:
The price action of Blockstack has several support levels like: the previous resistance of channel, 100 and 200 SMAs and the potential reversal zone of BAT pattern. Therefore there are strong chances that the priceline may start another rally to the upside from here. How ever we should use the maximum extent of PRZ of BAT pattern as stop loss.
The Blockstack has a significant event of mainnet launch expected on 30 Sep or earlier. This event is also mentioned on STX coin’s roadmap.
The Channel:
The priceline of STX was moving in a parallel channel and finally broke out the resistance of the channel. Now the previous resistance is working as support and the priceline is re-testing this support again. It can be a double bottom formation above this support.
Continuously harmonic moves:
While the price action of Blockstack is at the resistance of channel that is working as support it has also formed continuously second harmonic bullish BAT pattern and entered in potential reversal zone.
Strong resistance and SMA supports:
The priceline has found very strong resistance at 0.00002519 btc that is not broken out since Nov 2019. After being rejected by this resistance level the priceline is at 100 and 200 SMA supports.
Conclusion:
The price action of Blockstack has several support levels like: the previous resistance of channel, 100 and 200 SMAs and the potential reversal zone of BAT pattern. Therefore there are strong chances that the priceline may start another rally to the upside from here. How ever we should use the maximum extent of PRZ of BAT pattern as stop loss.
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