STXUSDT broke out of its downtrend after printing two Bull RSI Divergences in a row, and retesting a demand zone dating back to 2019.Key Levels to Watch
• $0.45: Main Demand Zone, relevant since 2019. A break below it would invalidate the setup.
• $1.20: Arguably the most important S/R throughout STX's history, in place since March 2021 and potentially a strong resistance, also currently reinforced by the 200-day EMA. If reclaimed, it would most likely shift the bias to bullish.
• $2.70-$3.00: Main Supply Zone to overcome for new ATHs, dating back to April 2021.
Definitely worth taking a look at the chart on the monthly timeframe as well, to grasp the full significance of these levels.
All things considered, this seems a high-conviction trade, with a clean invalidation and a very good R/R.
Trade active
STX breakout confirmed
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.