STX: Approaching Resistance

Trade setup: Following a bullish breakout from Descending Triangle pattern, price rallied 30% and reached our target of 200-Day moving average ($0.61). It is getting overbought (RSI > 70), so near-term, we could see some profit taking, which could be a swing entry opportunity. Stacks (STX) is a platform for scaling and building on top of Bitcoin.

Trend: Uptrend on Short- and Medium-Term basis and Downtrend on Long-Term basis.

Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).

Support and Resistance: Nearest Support Zone is $0.43, then $0.30. The nearest Resistance Zone is $1.05, then $1.30.


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