Stacks New Bearish Impulse: Volume Signal
2024-11-01

STXUSDT (Stacks) did move lower in August and activated its December 2023 support range. It seems the bears (down-selling pressure) are not done with this pair.

The main level we have been tracking for the entire Cryptocurrency (Altcoins) market sits around September, October and November 2023, this is the main support for the current corrective period, the potential bottom. It seems Stacks will not be an exception and is ready to move lower, here shown with an orange line on the chart.

The blue line is the Dec. 2023 level. The orange line is for November 2023. Lower prices can be found around September/October 2023 but we are aiming for a higher low.

The signal that is pointing toward this disaster that is about to happen comes from the volume indicator. We can see the biggest volume bar since January 2024 on the daily timeframe, the highest volume in ten months happened yesterday.

When trading volume goes super high, it signals the start of a new move, a new impulse. Since yesterday was a bearish day, we lean towards a new bearish impulse; a lower low.

Thank you for reading.

Namaste.