STX Consolidation and Potential Rally Ahead
Market Overview:
STX has been consolidating within a range established since June, currently testing potential resistance in the October 25th bearish gap ($1.701–$1.768).
Bulls are showing strength in this zone, hinting at the possibility of a rally, especially if traders begin "selling the news" following an upcoming release.
Key Levels to Watch:
Resistance Targets:
First target: Stops above the October 24th swing high at $1.842.
Next resistance: $1.884 (October 20th level).
Further resistance around relatively equal highs at $1.962, $2.000, and $2.074.
Support Levels:
Initial support: $1.652 (last week's candle tail midpoint).
If bearish pressure continues, further support may be tested near $1.560 and $1.530.
Potential profit-taking could occur around September 16th's swing low at $1.470.
Outlook:
A sustained bullish momentum could propel STX towards the upper resistance targets, supporting a continued rally.
Conversely, if bearish sentiment prevails, the price may test lower support levels, indicating a need for caution among traders.
#STX #CryptoMarket #Consolidation #BullishPotential #TechnicalAnalysis
STX has been consolidating within a range established since June, currently testing potential resistance in the October 25th bearish gap ($1.701–$1.768).
Bulls are showing strength in this zone, hinting at the possibility of a rally, especially if traders begin "selling the news" following an upcoming release.
Key Levels to Watch:
Resistance Targets:
First target: Stops above the October 24th swing high at $1.842.
Next resistance: $1.884 (October 20th level).
Further resistance around relatively equal highs at $1.962, $2.000, and $2.074.
Support Levels:
Initial support: $1.652 (last week's candle tail midpoint).
If bearish pressure continues, further support may be tested near $1.560 and $1.530.
Potential profit-taking could occur around September 16th's swing low at $1.470.
Outlook:
A sustained bullish momentum could propel STX towards the upper resistance targets, supporting a continued rally.
Conversely, if bearish sentiment prevails, the price may test lower support levels, indicating a need for caution among traders.
#STX #CryptoMarket #Consolidation #BullishPotential #TechnicalAnalysis
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.