On small time period 4-hour chart, the price action of Blockstack (STX) is completing the final leg of Cypher pattern , and soon it will be entered in potential reversal zone. There is also 200 simple moving average support in PRZ level.
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Buying And Sell Targets:
The buying and sell targets according to Cypher pattern should be:
Potential reversal or buying zone: $0.2704 to $0.2501
Fibonacci projection or sell zone: $0.2863 to $0.3249
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Stop Loss:
The potential reversal zone area that is up to $0.2501 can be used as stop loss in case of complete candlestick closes below this level.
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Possible profit and loss ratio:
As per above targets this trade has a profit possibility of 29.90% and as per the above-mentioned stop loss, the loss possibility is 8%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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