Let's discuss that one a bit and let's discuss it on a bigger timeframe and on Strat / USD, as I'd rather stick to the USD value of a coin in long term investment perspectives.
Stratis is currently $3.37. Would you expect that? No. But if we check the chart of the past year, then it's not really surprising that we've reached this price right now.
We see the sudden spike upwards in June/July. If we check the Strat / BTC chart, this is exactly the period that Stratis outperformed BTC in it's own cycle.
We see an even bigger spike in December. This one isn't on the basis of Strat / BTC , but on the side of the BTC / USD cycle, as Strat retraced pretty heavily during these months against BTC .
So, yes we could expect such a retracement towards this zone, as BTC actually had to retrace all the way down.
What do we see on the daily, when we check the indicators?
- and massive downtrend. Resistance coming up soon.
- on the histo, , , and --> on the daily, this is very strong!
- Price , ending in this significant strong .
Red flag: no , kicks in normally at the breakout.
Given the fact that we've retraced all the way down towards the before the jump on BTC/USD and given the fact that it's the same as after the spike in the summer of 2017, I'm expecting it to be around the bottom right now and I think Stratis is a bargain buy right now.
Expectations for the coming weeks:
- sideways pattern between $3 and $8. Eight dollars is a very strong and after upwards impulse waves and downwards correction waves I'd rather see some corrective sideways waves (also the same on BTC/USD) before breaking out upwards in a later stage. If we break the $8 area, we probably see a nice impulse wave on STRAT/BTC pair too and I do expect Strat/BTC to be causing the uprun on STRAT/USD first before BTC/USD starts a new cycle.