STX Bearish... for now.

STX is on its third cycle within a descending parallel channel. Channels tend to break at this point. However, STX has shown a tendency to hesitate at 1W support/resistance lines, but not to fully reverse until a 1M or greater line. The breaking of the current long-standing rising 2H support in red indicates retail traders are likely to sell short-term.

Red: Bearish with downward breakout toward reversal at the next 3M (2pt dashed) line.
Orange: Bearish with upward short-term breakout and reversal at next 1M (1pt dashed) line.
Yellow: Neutral path, resulting in high volatility in the current open air gap.
Green: Bullish with unlikely reversal at a 1W line.

Friends never let friends leverage crypto: you will get liquidated in both directions.
It would appear, at this point, that the bullish unlikely reversal at the 1W line is developing. Good thing no one leveraged, right?

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.