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.
Adrian is a cryptocurrency trader and writer since 2014. He follows closely coins such as Bitcoin, Ethereum and NEO to little known ICOs, constantly analyzing crypto markets in order to stay informed.
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