STX trade idea
Updated
Long term analysis
This analysis is based on last year's trade entry analysis that you can read here.
STXUSDT is currently in the corrective wave IV of the last powerful bullish leg started around the beginning of 2023. It is also one of the rare coins which broke it ATH sooner this year, showing a very strong momentum.
The IV wave is finishing its stabilization within a clear triangle pattern (abcde) potentially coming to an end soon. The golden cross and flat bollinger bands replay a very similar situation than last year (see link above) offering us a new potential trade set up.
Strategy
Buy on the break of the resistance line at 2$
Objective 1: back to the next resistance at 2,40$ (+20%)
Objective 2: ATH at 4$ (+100%)
Objective 3: Fifth wave extension region around 8-10$ (+300-400%)
Invalidation
Mental Stop: below the last low of 1,60$
If prices retrace to this level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
This analysis is based on last year's trade entry analysis that you can read here.
STXUSDT is currently in the corrective wave IV of the last powerful bullish leg started around the beginning of 2023. It is also one of the rare coins which broke it ATH sooner this year, showing a very strong momentum.The IV wave is finishing its stabilization within a clear triangle pattern (abcde) potentially coming to an end soon. The golden cross and flat bollinger bands replay a very similar situation than last year (see link above) offering us a new potential trade set up.
Strategy
Buy on the break of the resistance line at 2$
Objective 1: back to the next resistance at 2,40$ (+20%)
Objective 2: ATH at 4$ (+100%)
Objective 3: Fifth wave extension region around 8-10$ (+300-400%)
Invalidation
Mental Stop: below the last low of 1,60$
If prices retrace to this level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Trade active
Our buy signal: breakout of the 2$ resistance line, has been given alongside high volumesNote
Objective 1 reached ✅
Taking profit at +20% for this first portion of the trade and letting the other portions target the next objectives
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