Throughout its lifetime, Stellar has established a solid uptrend against the Bitcoin, unlike most altcoins, which continue to lose heavily to BTC. It is clear that price producing higher highs and higher lows and the Stellar next bull run could have started.
What is the reason behind such statement? Well, the price has stuck within the triangle as STR/BTC rejected the uptrend as well as the downtrend trendlines. At the same time the new cycle, based on the Fibonacci Time Zone indicator, has just begun.
Considering already established long-term uptrend, the probability that it will continue remains higher than the reversal to the downside. It could be a little premature to say that Stellar consolidation has ended. But the confirmation of that could be the break above the downtrend trendline and then the 127.2% Fibs resistance at 4200 satoshis.
When/if such breakout occurs, the uptrend is very likely to continue, which could result in strong gains against the Bitcoin.
Resistance levels to watch:
- 4,200 satoshis
- 7,200 satoshis
- 10,000 satoshis
- 13,000 satoshis
- 16,000 satoshis
All the resistance levels correspond to the Fibonacci retracement levels, where the final upside target is seen at 16,000 sats area, that is x40 potential from the previous low at 360 satoshis.
It is also worth mentioning that Stellar had a clean bounce off the 61.8% Fibonacci retracement level at 2590 satoshis, back in March this year. Price might potentially get back to this area once again prior to moving higher, but all-in-all the trend remains heavily bullish with a very bright future for Stellar.