As we have already discussed in my previous articles that the mainnet launch of the Blockstack coin is expected on 30th September 2020 or earlier. This is one of the most significant upcoming event of STX coin that can lead the price action to start a very powerful bullish rally soon.
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The re-testing of channel’s resistance as support:
In my previous article, we have seen that the price action of Blockstack coin was moving in a channel and finally the price action broke out the resistance of the channel with a powerful bullish rally then started the new correction rally. At this time the priceline of STX is re-testing the previous resistance of the channel as support. In case of successful re-testing, the price action will start the next bullish rally otherwise the candlesticks can re-enter in the channel again. Therefore it can be a very good buying opportunity above this support.
Priceline is likely to take bounce from SMAs:
Now let's have a look at the different simple moving averages with the time period of 25, 50, 100, and 200 on the daily chart. It can be observed that during this correction rally the price action has broken down the 25 and 50 simple moving averages and at this time the price action is likely to take a bounce to the upside from the 100 and 200 simple moving averages at the same time.
A new up trend line is working as support:
If we place a trend-line below the candlesticks from January 2020 up till now then it can be also seen that the price action has found strong support above this up trend line. At this time the price action has again bounced from this uptrend line.
A bullish BAT move:
Now I would like to show you a very significant move of the price action of STX coin with Bitcoin and US dollar pairs. That move is the formation of a bullish BAT pattern. If we dig this pattern deeper then it can be observed that all dimensions are driven perfectly as required for the BAT move. After the initial X to A leg, the price action is retraced between 0.382 0.50 Fibonacci retracement level. Then it is projected between point 0.382 to 0.886 Fibonacci projection of A to B leg. Then C to D leg has been retraced between point 0.786 0.886 Fibonacci retracement levels. And now the price action is likely to move up from this potential reversal zone of bullish BAT pattern.
Bullish BAT move of STX with Bitcoin pair:
Bullish BAT move of STX with US dollar pair:
The price action of Blockstack is already at the strong support that is in fact the previous resistance of the channel. At the same time, it is also getting bounced from the 100 and the 200 simple moving averages on the daily chart. And has formed a complete BAT pattern. All these moves are showing is a very positive gesture in the favor of a bullish rally very soon. Therefore it can be a very good buying opportunity. However, we can use the 100 or 200 simple moving averages on the daily chart as stop loss. Because if these moving averages will be broken down then we can expect a further downward rally up to the support of the previous channel.
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