After reacting well to a double top
pattern, STORJ/BTC began its decline like every other coin currently. Since January it has been forming consolidation in the form of a descending triangle
. Although the prices match the pattern in the forms of higher lower highs and relatively the same lows, this is not a great sign for holders of the coin. In the long-term, because the descending triangle
is a continuation pattern, this means the price is expected to continue in this downtrend for the length of the breakout of this triangle IF it is broken (and accurate). Inside the triangle though, lies some hope. There is an ascending triangle
formation that is forming inside of the larger scale triangle. If this ascending triangle
is broken correctly, the price may be able to escape its current drought and prevent the price from entering a major decline if the descending triangle
is broken. Although, the RSI
(debatably) shows a triple top that may indicate a reversal, in this case, continuing to form the descending triangle
and perhaps break.
Important Resistance Levels: 12110, 14361, 16336
Important Support Levels: 9918, 8059
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CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Senior Research Analyst