Indicators Signal Short-Term Buying Opportunity for STX (Stacks)

joerivdpol Updated   
I aspire, and expect Bitcoin to recover and resume its upward movement, with $STX ultimately closing the weekly candle above $0.84. Nevertheless, in technical analysis and trading, wishful thinking is not enough and holds no weight. The key is to identify conditions with a high likelihood of success.

Presently, $STX has fallen below $0.84 and is expected to continue its downward trend for the time being. Nonetheless, there is still hope for the short term.
  • The 'ZigZag Fibonacci Tool' has automatically mapped out several Fibonacci levels that could potentially serve as support zones in the future (see my green arrows)
  • Additionally, the Chris Moody Slingshot tool indicates a high probability of an upward tick around $0.77. The green candle colour suggests a conservative buying opportunity at present.
  • Furthermore, the TD Sequential countdown to 9 on the daily chart indicates a buying opportunity as it identifies turning points in asset or index price trends, printing a TD9 after nine consecutive candles above/below the previous four candles' closing price.

In conclusion, although Stacks has slipped through its support zone, favourable days are expected in the short term.
The current undervaluation of $STX makes it an attractive bargain.
It's looking good in my opinion, so I'll share my analysis based on the current daily charts.

- Bottoming at the 0.382 Fibonacci level.
- RSI divergence observed from mid-April until now.
- Buying volume is increasing.
- MACD is on the verge of a bullish crossover.

With Subnets, the Nakamoto release, and the upcoming launch of sBTC on the horizon, this gives me enough confidence that we will regain momentum in the market.

Furthermore, my analysis from April 7th has played out quite well.
Just press the play button and you can verify it for yourself :)

We are currently situated on the heavy support zone as well. It's time for the bulls to roar again!


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