STRAT: Moves 20% Today
STRAT or Stratis has been on my radar for some time now. Having been in a horizontal channel since the beginning of September, it seemed indecisive in the direction that it wanted to move in. As Bitcoin dropped form $6400 to $3800, most coins followed suit including Stratis. Breaking its lower support/Fib Level it made a new yearly low.
The selling climaxed as a sell candle reached do in to the liquidity pool of sub 16000 stats. With the channel support now becoming resistance, STRAT is trying to make it back in to the channel before proceeding. Having today’s candle cross the 50D EMA is a bullish sign but I would like to see it close and open above the EMA line to show signs of support. Today’s 20% rise was a nice boost in volume and in confidence for those who are hodling. ADX (Average Directional Index) it is starting to change its slope potentially indicating upcoming unbiased trend strength.
Zooming in on the 4H time frame we can start to see some of the price action that led up to today’s spike. It started with a huge spike in volume right in to a 50 EMA cross that found resistance at 120EMA & 200EMA. After a quick retrace back to the 50D EMA it found support and cruised on past the 200 EMA. Its wick touched a fairly large Fib confluence zone around 24000 sats. With such an increase in price today there is potential for a retrace back in to support found on the bottom channel. If support holds this may lead in to a bullish potential future set up .
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