Looking at the 1-hour chart of STORJ/USDT on Binance and analyzing it with a VSA (Volume Spread Analysis) approach, here’s a breakdown:
VSA Analysis Summary:
1. Price & Volume Context:
Price surge to 0.2957 followed by a sharp pullback indicates potential buying climax or profit taking.
High volume on the highest candle (with a long upper wick) suggests supply overcoming demand — a sign of weakness.
Subsequent bars show lower highs and declining volume, which might indicate lack of demand after the selling pressure.
2. Support & Resistance:
Resistance around 0.2957 (24h high).
Support around 0.2557 (recent low).
Current price at 0.2808 sits between these levels.
3. Volume Climax (Stopping Volume?):
The tall red candle with a spike in volume could be stopping volume, but since there's no strong bullish follow-through after that, it's not confirmed.
4. Trend Direction:
Short-term uptrend, but signs of reversal or distribution appearing.
5. Moving Averages:
Price is still above MA(5) and MA(10), but any break below may signal bearish continuation.
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Trade Idea:
Leaning SHORT with caution, here’s why:
Short Entry Conditions:
If price fails to break above 0.2850–0.2880 on low volume (no demand).
Confirmation on bearish candle closing below MA(10).
Stop loss above 0.2960 (local high).
Take profit target: 0.2625 or 0.2557 (support zones).
Long Entry Conditions (Less Favorable Now):
Only consider long if price breaks above 0.2960 with strong volume and bullish candle close.
Would suggest renewed buying interest.
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Final Verdict:
Current VSA bias: Weakness showing after bullish move
Trade suggestion: Short, but wait for a clear rejection around 0.2850–0.2880 and confirmation of no demand / reversal bar.
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Disclaimer:
Trading crypto is risky and may result in losses. This is for educational purposes only not financial advice. Do your own research.
MR_BK is not responsible for your trades.
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