STRAT- Strong support level + squeeze to resistance incoming
Charting this on Bittrex due to the availability of price history but Stratis is also available on Binance. The daily chart shows movement back to the long term price support level at around 36k.
While the upper trendline is a little wicky and therefore tentatively placed, the price is starting to tighten between this and the support level. Strong bullish divergence can also be seen on many of the indicators at the daily level.
In the 4 hour chart above, we can see the price has started to move, with the EMA 10,20,50 coming up to a confirmed buy cross point. Buy this on the dip when it has crossed the trend line and retests, or on a fall back to support at 36k. Stop loss just below.
Targets: First resistance will be the mini-peak previously which coincides with the level of the trendline. If we break the trendline, there is possible resistance at 60k followed by a confluence of fibs at 66k, at both of which profits may be taken.
While the upper trendline is a little wicky and therefore tentatively placed, the price is starting to tighten between this and the support level. Strong bullish divergence can also be seen on many of the indicators at the daily level.
In the 4 hour chart above, we can see the price has started to move, with the EMA 10,20,50 coming up to a confirmed buy cross point. Buy this on the dip when it has crossed the trend line and retests, or on a fall back to support at 36k. Stop loss just below.
Targets: First resistance will be the mini-peak previously which coincides with the level of the trendline. If we break the trendline, there is possible resistance at 60k followed by a confluence of fibs at 66k, at both of which profits may be taken.
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