StealthCoin Facing Strong Resistance
Updated
Back in January, StealthCoin has reached an all-time high at $1.75. Since then the price has been consistently declining, resulting in 86% lost to the USD. The bottom has been established at $0.23, although price still ranging between $0.42 resistance and $0.23 support.
At this point, the direction of XST/USD has no clear pattern. While the price is trading at the resistance, the probability that it will be rejected remains high. The resistance is confirmed by the 361.8% Fibonacci retracement level applied to the corrective wave up after the ascending channel breakout. On the other hand, the nearest support is based at $0.2, that is 461.8% Fibonacci retracement level.
If the resistance will be respected, StealthCoin should produce at least another, perhaps a final, wave down towards $0.2. Only a clean break and close above $0.5, would invalidate bearish outlook and could result in a beginning of an uptrend.
At this point, the direction of XST/USD has no clear pattern. While the price is trading at the resistance, the probability that it will be rejected remains high. The resistance is confirmed by the 361.8% Fibonacci retracement level applied to the corrective wave up after the ascending channel breakout. On the other hand, the nearest support is based at $0.2, that is 461.8% Fibonacci retracement level.
If the resistance will be respected, StealthCoin should produce at least another, perhaps a final, wave down towards $0.2. Only a clean break and close above $0.5, would invalidate bearish outlook and could result in a beginning of an uptrend.
Trade closed: target reached
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