STRATBTC: Stratis finally bottomed?

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So it's been a while since I last dropped a chart. Been busy and also trying to get better.

For this chart, I've been following Stratis, which is a platform I've always kind of liked. I like the name, I like the fact that they got an early start with MS Azure, they have kind of the sweet spot on coin count for my taste, and they have good ideas moving forward. Check out coming developments which include atomic swaps, anon features, civic like identity feature, and more I can't remember at the moment.

So for this chart, nothing fancy, just noting a couple of things. First, the obvious, Stratis has dropped like a rock and is really really low right now relative to previous position. Another thing to notice is that the RSI is well oversold. If you check back at the last time the RSI dipped this low, the break of downward trend was quite strong. Not strong enough to restart a full bull phase, but still a nice trade if you were in it. That break happened just after BTC's correction back in July.

I'm seeing something similar happening here. Well oversold on RSI following a major BTC correction. This one is taking a bit longer to recharge. I'm guessing it has to do with new platforms taking shine away from them as well as the delay they had on releasing the Breeze wallet. All that being said, I think Stratis is due for a rebound and it could be any day now.

Watch the lower support level.

Also, recommended only for the risk takers as Stratis has not shown any real strength in a while now.

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Zoomed in hourly.

So BTC pushed Strat down to that lower support and it is resting on that level now. I've drawn the next support down in and the pattern forming does look like a bear flag. Anticipating more downward movement here if BTC continues to push up.

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Here'a another way of looking at this STRAT chart. Most alts retrace back to their original trend lines. Some of them actually break through like STRAT. Once they do that, they are in a firm bearish phase. Just like nothing can go up forever though, a good project should not be able to go down forever either.

Strong descending wedge here. If price breaks the wedge support, who knows. Otherwise, descending wedges tend to be reversal patterns, so I'd expect this to break upwards.

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