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

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.

Commentaire:

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.

Commentaire:

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!