Stratis Technical Analysis: Down to $1?

Today Stratis made a new lower low since July 2017. It broke below the 161.8% Fibonacci support located at $2.78 suggesting the downtrend continuation.

Stratis is trading within the descending channel and is likely to keep on trading that way. Although it broke previous low, a range trading could take place throughout this week before the downtrend unfolds.

The downside target is very close to the $1 psychological support and is based at $0.82, which is the 227.2% Fibonacci retracement level applied to the corrective wave after breaking below the uptrend trendline.

Therefore the area between $0.8 and $1 could be the key downside target. Whether STRAT/USD will break lower is yet to be seen.

Only a break above the $5 resistance would give strength to Stratis and could possibly reverse the trend to the upside.

stratis technical analysis