- June 24, 2022
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
STORJUSD had a very strong rise yesterday, pivoting off the previous 0.62 – 0.64 Resistance level. Despite this heavily bullish short-term trend, the Lower Highs trend-line from its All Time High is now coming to play again and in fact rejected so far the price on its High yesterday. This is the second Lower High since April 04. That Lower High didn’t just stop on the Resistance trend-line but also on the 0.5 Fibonacci retracement level.
This time the 0.5 Fib is just above the trend-line around 1.096 and this is the level to beat if we want to see a sustainable bullish move long-term. If a 1D candle closes above it, we can expect the next Fib levels above it (0.618, 0.786, 1.0) to get filled. If not, a new rejection can technically aim at least as low as the 0.33 Support. Notice how the 1D RSI tops harmonically align with every contact on the Lower Highs trend-line.