STX/USDT | Key Level | Support Cluster | Trade Setup
Todays Analysis – STX/USDT – Retracing to establish an S/R flip re-test of daily support.
Points to consider:
- Healthy Up-trend
- Support Confluence (key level)
- Declining Volume
- Oscillators Below 50
STXUSDT needs to hold the re-test of the daily support zone to form a higher low on the chart and continue its bullish uptrend.
The Support cluster also coincides with the 200 EMA and .618 Fibonacci retracement, putting emphasis on the key level.
Volume is declining and below average, usually an indication of an influx being imminent; likely to coincide with the retest of support.
Both the RSI and stochastics are testing the 50 level, further price development will determine a directional bias. Oscillators need to range above 50 to maintain strength and momentum in the market.
Overall, in my opinion, a successful re-test of support validates a long trade to technical targets above with risk defined below local swing low.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Healthy Up-trend
- Support Confluence (key level)
- Declining Volume
- Oscillators Below 50
STXUSDT needs to hold the re-test of the daily support zone to form a higher low on the chart and continue its bullish uptrend.
The Support cluster also coincides with the 200 EMA and .618 Fibonacci retracement, putting emphasis on the key level.
Volume is declining and below average, usually an indication of an influx being imminent; likely to coincide with the retest of support.
Both the RSI and stochastics are testing the 50 level, further price development will determine a directional bias. Oscillators need to range above 50 to maintain strength and momentum in the market.
Overall, in my opinion, a successful re-test of support validates a long trade to technical targets above with risk defined below local swing low.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!