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.
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.
Comment:
It would appear, at this point, that the bullish unlikely reversal at the 1W line is developing. Good thing no one leveraged, right?