[LONG] STX - STACKS on support and ready for a bounce

STX is another beaten up coin that this year alone lost more than 60% of it's already beaten up marketcap. From the peak on April of 2024 to January of this year STX was already down 50%. Bulls got completely obliterated, but not everything is lost for STACKS: Sitting at $0.75 is now testing (and holding) for second time the previous 2023 resistance, now turned support. A bounce here doesn't immediately mean the end of the fall, but we can catch a good counter-trend move to retest the distribution zone on the $1.44 to $2.00 range

1st Entry: $0.75 (previous resistance, now support)
2nd Entry: $0.65 (most traded zone)
move SL to Break even if price breaks the previous high at $1.00
1st TP: $1.34
2nd TP: around $1.80 or look for signs of weakness in lower timeframes at this area

Trade active

STX small correction but didn't test $0.75
I'm opening the long position here at current price of $0.78

Note

Markets bled as BTC fell to the CME gap of last November, yet our position is still on the green. We will have to be very careful with our choices this year, a lot of alts fell a lot more than BTC and a lot more will be left behind when Bitcoin bounces back up to test the 90k mark. stay safe

Note

Second entry filled, now let's see if now STX can reclaim $1

Trade closed: stop reached

lysergic_squad

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lysergic_squad