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This can be a perfect buying opportunityAs we have already discussed in my previous articles that the mainnet launch of Blockstack coin is expected on 30th September 2020 or earlier. This is one of the most significant upcoming event of STX coin that can lead the price action to start a very powerful bullish rally soon. The re-testing of channel’s resistance as support: In my previous article we have seen that the price action of Blockstack coin was moving in a channel and finally the price action broke out the resistance of the channel with a powerful bullish rally then started the new correction rally. At this time the priceline of STX is re-testing the previous resistance of the channel as a support. In case of successful re-testing the price action will start the next bullish rally otherwise the candlesticks can re-enter in the channel again. Therefore it can be a very good buying opportunity above this support. Priceline is likely to take bounce from SMAs: Now let's have a look on the different simple moving averages with the time period of 25, 50, 100 and 200 on the daily chart. It can be observed that during this correction rally the price action has broken down the 25 and 50 simple moving averages and at this time the price action is likely to take a bounce to the upside from the 100 and 200 simple moving averages at the same time. A new up trend line is working as support: If we place a trend-line below the candlesticks from January 2020 up till now then it can be also seen that the price action has found a strong support above this up trend line. At this time the price action has again bounced from this uptrend line. A bullish BAT move: Now I would like to show you a very significant move of the price action of STX coin with Bitcoin and US dollar pairs. That move is the formation of a bullish BAT pattern. If we dig this pattern more deeper then it can be observed that the all dimensions are driven perfectly as required for the BAT move. After initial X to A leg the price action is retraced between 0.382 0.50 Fibonacci retracement level. Then it is projected between point 0.382 to 0.886 Fibonacci projection of A to B leg. Then C to D leg has been retraced between point 0.786 0.886 Fibonacci retracement levels. And now the price action is likely to move up from this potential reversal zone of bullish BAT pattern. Bullish BAT move of STX with Bitcoin pair: Bullish BAT move of STX with US dollar pair: Conclusion: The price action of Blockstack is already at the strong support that is in fact the previous resistance of the channel. At the same time it is also getting bounced from the 100 and the 200 simple moving averages on the daily chart. And has formed a complete BAT pattern. All these moves are showing very positive gesture in the favor of bullish rally very soon. Therefore it can be a very good buying opportunity. However, we can use the 100 or 200 simple moving averages on the daily chart as stop loss. Because if these moving averages will be broken down then we can expect a further downward rally up to the support of the previous channel.
Long
by moon333
1
STX/BTC (Test Next Key Support @ 1300 sat?)BINANCE: STXBTC -Blockstack penetrated the potential support at 1700 sat range -The next key area to be watching is around 1300 sat -The RSI is near the oversold level, there is a chance of a bounce reaction -If the price reached this level wait for any reaction -Enter only once there are potential reversal signals -Analyze Bitcoin's next move also to predict the possible action in a few days **If you like my daily Published Ideas, Please don't forget to leave a thumbs up and comment below. Thank you!**
by PolarHusk
4
Blockstack Will Be Coin Of Sep 2020 | STX broke out the channelHey, friends hope you are well and welcome to the new update on Blockstack coin. In my previous article we have discussed that the STX coin was moving in a parallel channel and we also had received different bullish signals giving clear indications that the price action may breakout the resistance of the channel very soon. The moon phases indicator was showing the full moon was appeared at high altitude and the directional movement indicator also gave bullish signals as +DI crossed up –DI and the volume profile indicator was showing very low interest of the traders at the support of this channel. Comparison between the movement of Tfuel and STX: In my previous article we have already seen that the Tfuel also gave similar bullish signals before making the big bullish move of more than 1200%. The priceline of Theta fuel was moving in an up channel and before making the big move the price action did not hit the support of the channel and the volume profile was also showing less interest of the traders at the support of the channel. Finally the priceline broke out the resistance with a powerful bullish divergence. Same as like above the price action of Bockstack also stopped hitting the support of the channel and finally broke out the resistance with a powerful bullish divergence. Why the priceline did not retest the resistance of parallel channel? : After breaking out the channel there was a strong possibility that the price action of STX will move down to re-test the resistance of the channel as support before the next rally. But if we watch on the chart then the price action retraced back but without retesting the resistance of the channel the price action moved up. But if we take more closer look at the chart. Then it can be clearly observed that after mid of May 2020 the price action of STX started its movement within an up channel. Therefore the price action re-tested the resistance of this recent up channel rather to re-test the resistance of parallel channel. In the meanwhile the price action has also broken out all the simple moving averages with the time period of 25, 50, 100 and 200 and now having very strong support of all the moving averages. The formation of new channel: Now I would like to show you the new move of the priceline of STX coin. After breaking out from the parallel and up channels now the price action of Blockstack has formed and other up channel. If we have few more touches at the resistance and the support of this new channel then the price action will confirm its movement within this pattern on the long term. But if the price action will form higher lows then the pattern will be changed to rising wedge rather than up channel. Conclusion: After breaking out the resistance the price action is showing very positive gesture move up. But if the priceline of STX coin will confirm the rising wedge pattern then it can be little bit critical because this pattern is considered as a bearish reversal pattern among the traders community. Therefore keeping eye on the further move of the price action is very important.
Long
by moon333
STX/BTC (Pullback to Retest Previous Resistance?)STX/BTC -Blockstack just broke the key resistance last August 10 -The price peak at 2734 sat and currently pulling back -Looking at the structure, STX has been trading up since July 27 -From 1246 sat and had not to retest any key areas -If this the potential temporary daily top -STX will likely retest the previous resistance around 2000 sat -That is a good area for potential bounce play or upside continuation -If we can any Bullish sign once the key area is hit -Opening Buy position is ideal and may target the recent top
by PolarHusk
1
Blockstack is likely to breakout the channel soon for big moveHi, friends hope you are well and welcome to the new update on Blockstack coin. STX has a very big event of mainnet launch on 30 September 2020. The effect of the announcement on price action: Since this announcement is added on 12th of May on different sites at that time the priceline was moving at the support of the parallel channel. Then the price action started bullish rally that was more than 85% and at this time the priceline of STX has reached the resistance of the channel. I have also placed the volume profile on the complete price action moving within this channel. That is showing the trader’s interest is very weak above the support of the channel. That is very clear indication that now the price action will not be able to move up to support and the Moon phases indicator is showing the new full moon is appeared at very high distance above the resistance. That is indicating to upcoming breakout. The directional movement indicator is showing that positive directional indicator has crossed up the negative directional indicator and giving the bullish signals. Tfuel also showed same signals before powerful bullish move: If we watch the Tfuel chart then before the powerful bullish rally we also had received such signals. The volume profile was showing less interest of the traders above the support and for the long time period, before the breakout the price action did not hit the support and finally broke out the resistance of channel and started more than 1200% rally. The SMAs have formed alligator mouth: If we watch the simple moving averages on the daily chart with the time period of 25, 50, 100 and 200 then priceline has crossed up all these simple moving averages. Now we have the order of these moving averages in a sequence that the 25 SMA is above all then we have 50 then 100 and then 200 simple moving average is below all the other simple moving averages. Therefore a complete alligator opened mouth has been formed by the simple moving averages that can lift the prices action more up. Conclusion: At this time the priceline is at the resistance of the channel, therefore we need more volume in order to breakout from this pattern. If the buying volume will be not increased then we can see some correction rally before the next bullish move.
Long
by moon333
STX/BTC (Must Hold Trendline Support)STX/BTC -there is a clear flat area of resistance at 1700 range -the bullish side though, is the price is holding above 200D MA -a series of higher lows is a good sign of strength -the safest way to approach this market is to confirm the break -once the resistance is cleared, that is your buy signal -please also check for the volume because this will add extra confirmation -stoploss level if the ascending trendline is broken with a bearish engulfing -upside target is up to 2500 sat
by PolarHusk
2