STXUSDT
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Buy the breakoutThis is a simple analysis of STX/USDT. STX could see a total gain in price of 150% from its current level, if it breaks Target 3 as shown on the chart.
Everything is bullish atm... So no surprise if this breaks out. In these market conditions, one can buy even before the breakout, but that is not recommended due to the risk that follows. Buy at own your own will.
STXUSDT completing Cypher | 29.9% expectedOn small time period one hour chart, the price action of Blockstack (STX) is completing the final leg of Cypher pattern , and soon it will be entered in potential reversal zone. There is also 200 simple moving average support in PRZ level.
Buying And Sell Targets:
The buying and sell targets according to BAT pattern should be:
Potential reversal or buying zone: $0.2704 to $0.2501
Fibonacci projection or sell zone: $0.2863 to $0.3249
Stop Loss:
The potential reversal zone area that is up to $0.2501 can be used as stop loss in case of complete candlestick closes below this level.
Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 29.90% and as per the above-mentioned stop loss, the loss possibility is 8%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
STXUSDT LONG TRADESTXUSDT LONG TRADE
Signal: Blue -> Green
Context: Light Green
Trade close manually when: the above ribbons turns Yellow or better Red.
I appreciate your like or comment. Welcome to share your idea here.
DISCLAIMER
This is only a personal opinion and does NOT serve as investing NOR trading advice.
Please make your own decisions and be responsible for your own investing and trading Activities.
STX/BTC (Bearish Flag Confirmed)💎Technical Analysis Summary💎
BINANCE: STXBTC
-STX confirms the bear flag a few days ago
-The rising channel broke to the downside
-If the bears can control this downward pressure
-The potential target is somewhere 1000s sat level
-That is strong support where we saw bullish price reaction
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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.