although price is making rallies, volume is decreasing. This may signal a reversal.
On the higher time frames (6H) the chart is making spinning tops and doji
One way that the reverse could happen is via H&S .
I'm going to wait for confirmation because failed H&S patterns are very bullish.
broadening bottom has 5 touches , making it a valid formation
partial decline is at a 0.5 or 0.6 level -> signaling a potential top breakout
rsi is in the oversold region
There are pretty strong signals to go long. Not sold on the idea yet, will wait for volume increase and a little more confirmation.
Links to theory:...
There is a good channel trade potential.
Be sure to use tight stops and use for partial decline . If a partial decline occurs - meaning that the price turns around before getting close to the other trendline - CLOSE YOUR POSITION and consider a long trade.
Info on the pattern: thepatternsite.com
I love this kind of trades where you have a clear entry and a clear stop loss .
RSI is making divergences on different time frames.
bottom seem to hold
we had a bounce and a drop that re-tested the support .
On the daily, today it looks like a doji at the bottom of ta bull flag.
failing to touch the resistance is a sign of a bearish market.
Ascending broadening wedge is a bearish pattern most of the time
the lack of volume is a bearish sign.
* there is also a small RSI divergence ( higher oscillator low, lower price low)
The head & shoulder pattern is starting to be more identifiable.
The volume is lowest on the right shoulder which is a good sign for H&S. Lets hope it breaks the neck line.
I reopened my short position at ~4800. Its not something i recommend but i have a good feeling about this.
STR has been added to etorro exchange but i don't think the hype is going to last. coins get news all the time, they spike up and then they come down hard.
I thnk this is the case with STR today. The way the market looks these days, i think shorting is the way to go .