Indicators Signal Short-Term Buying Opportunity for STX (Stacks)I aspire, and expect Bitcoin to recover and resume its upward movement, with $STX ultimately closing the weekly candle above $0.84. Nevertheless, in technical analysis and trading, wishful thinking is not enough and holds no weight. The key is to identify conditions with a high likelihood of success.
Presently, $STX has fallen below $0.84 and is expected to continue its downward trend for the time being. Nonetheless, there is still hope for the short term.
The 'ZigZag Fibonacci Tool' has automatically mapped out several Fibonacci levels that could potentially serve as support zones in the future (see my green arrows)
Additionally, the Chris Moody Slingshot tool indicates a high probability of an upward tick around $0.77. The green candle colour suggests a conservative buying opportunity at present.
Furthermore, the TD Sequential countdown to 9 on the daily chart indicates a buying opportunity as it identifies turning points in asset or index price trends, printing a TD9 after nine consecutive candles above/below the previous four candles' closing price.
In conclusion, although Stacks has slipped through its support zone, favourable days are expected in the short term.
The current undervaluation of $STX makes it an attractive bargain.